May 24, 2006 (LBO) – Authorities in Sri Lanka are stepping up a campaign against pyramid schemes, after learning that promoters were targeting school leavers and unemployed youth in rural districts. The Central Bank has already started to publish a series of advertisements in the vernacular Sinhalese language newspapers.
Officials say the campaign will be expanded to include electronic media over the coming weeks.
A series of seminars to educate police about pyramid scams are also planned.
Meanwhile, a statement issued by the Government Information Department, which comes under the country’s ministry of information said young school leavers and unemployed youth are being targeted by the promoters of these ‘vicious’ schemes, which are prohibited by Sri Lanka’s banking law.
“The government has directed the Police to conduct raids on such places of pyramid promotions and bring the culprits before courts of law to eradicate this menace,” the government statement said.
“Several arrests have been made by Police in the North Central Province and the Southern Province in the recent past of these alleged operators. A dangerous sign is that several Advance Level students have been dup