Central Bank of Sri Lanka (CBSL) Governor Nandalal Weerasinghe has issued a stern public warning, cautioning Sri Lankans against placing money with plantation companies that are accepting public deposits without proper legal authorisation.
Illegal Operations Flagged
The Governor made clear that plantation companies soliciting deposits from members of the public are acting outside the law unless they hold the necessary licences and approvals required under Sri Lankan financial regulations. Any such company operating without these credentials is doing so illegally, he stressed.
Public Urged to Exercise Caution
The Central Bank's warning comes as a reminder that accepting public deposits is a strictly regulated activity in Sri Lanka, reserved only for institutions that have obtained formal authorisation from the monetary authority. Plantation companies, by the nature of their business, do not fall under this category unless they have secured specific approval.
Members of the public are strongly advised to verify the credentials of any institution before committing their savings or investments, and to refrain from depositing money with entities that are not licensed by the Central Bank of Sri Lanka.
Protecting Public Funds
Financial experts have long warned that unlicensed deposit-taking schemes pose serious risks to ordinary investors, who often have little legal recourse if such operations collapse or fail to return funds. The Central Bank's intervention signals a proactive effort to shield the public from potential financial harm.
- Only institutions licensed by the CBSL are legally permitted to accept public deposits in Sri Lanka.
- Plantation companies are not typically authorised to engage in deposit-taking activities.
- Members of the public who have already invested in such schemes are encouraged to seek legal and financial advice.
The Central Bank has urged anyone with information about unlicensed deposit-taking activities to report such cases to the relevant authorities. Sri Lankans are reminded to conduct due diligence before making any financial commitments, particularly in the current economic climate where fraudulent investment schemes have been known to target vulnerable communities.
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poor estate workers already struggling, now this also
exactly, who is protecting them actually