The Central Bank of Sri Lanka (CBSL) has issued a stern public warning, naming 25 companies and mobile applications that have been found to be operating outside the bounds of the country's financial regulations, urging Sri Lankans to avoid engaging with these entities.
Infinity Rover Among Those Flagged
Among the companies specifically identified by the CBSL is Infinity Rover (Pvt) Ltd, which has been determined to have engaged in financial activities without the requisite authorisation from the Central Bank. The regulator's move signals an intensified effort to crack down on unlicensed financial service providers operating across the island.
A Growing Concern for Consumers
The rise of digital finance platforms and mobile lending applications has created new avenues for unregulated entities to target unsuspecting members of the public. The CBSL's latest advisory reflects mounting concern over the proliferation of such services, which often operate through smartphones and online platforms, making them difficult to detect and regulate.
Consumers who engage with unlicensed financial service providers risk losing their money with little to no legal recourse, as these companies fall outside the protective framework established by Sri Lanka's banking and finance laws.
Public Urged to Exercise Caution
The Central Bank has called on the public to exercise extreme caution before depositing funds, taking loans, or entering into any financial arrangement with companies or applications not officially licensed by the CBSL. Residents are strongly encouraged to verify the licensing status of any financial service provider through official CBSL channels before conducting transactions.
- Do not deposit money with unlicensed financial entities
- Avoid mobile applications offering financial services without verified credentials
- Check the CBSL's official licensed institutions list before engaging any financial service provider
- Report suspicious financial activity to the Central Bank or relevant authorities
Regulatory Action Underway
The CBSL has indicated that it is taking steps in accordance with the law against entities found to be in violation of financial regulations. Members of the public who have already engaged with any of the named companies or applications are advised to seek legal guidance and report their experiences to the appropriate authorities.
The Central Bank of Sri Lanka remains committed to safeguarding the financial system and protecting the public from fraudulent and unlicensed financial service providers.
This latest advisory serves as a timely reminder that due diligence is essential when navigating Sri Lanka's rapidly evolving financial landscape, particularly as digital platforms continue to grow in popularity across the country.
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finally CBSL doing something, but why always after ppl lose money
exactly men, where were they 6 months ago