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Al Jazeera
Al Jazeera
Business
Hassaan Shazuli

After Al Jazeera story, Sri Lanka says crypto scheme a ‘pyramid’

Al Jazeera Sri Lanka Crypto CBSL Colombo Luxury
As Sri Lanka's economy cratered in the past couple of years, several locals, including doctors, and politicians, fell prey to a fake crypto scheme, losing their life savings [File: Kim Kyung-Hoon/Reuters]

Colombo, Sri Lanka – The Central Bank of Sri Lanka (CBSL) has announced that it is mulling criminal action against a group that ran a crypto investment scheme dubbed Sports Chain, seven months after an Al Jazeera investigation exposed it as a scam.

In a notice published on March 21, the monetary authority declared that the investment venture had been run as a pyramid scheme, which is prohibited under Sri Lanka’s Banking Act.

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