COLOMBO, Aug. 6 -- The Central Bank of Sri Lanka (CBSL) has declared TM App (associated with Triumph Media House Inc.) a prohibited pyramid scheme under the Banking Act, warning the public against participating in or promoting the platform.

In a public notice issued on Wednesday (5), the Central Bank said it had conducted an investigation and determined that TM App had "engaged in, conducted and promoted a prohibited scheme" in violation of Section 83C of the Banking Act, No. 30 of 1988, as amended.

TM App is an online platform that promoted itself as an investment and income-generation application, encouraging users to deposit money with the promise of earning high returns through completing online tasks and by recruiting new participa...