The Colombo Chief Magistrate today (11) imposed an overseas travel ban on 04 leading figures of the MTFE SL Group.
The Group is facing charges of conducting activities that could fall under prohibited pyramid schemes.
An investigation has been initiated by the Financial and Commercial Crimes Investigation Division and the aforementioned order was made after officers investigating the case had made a statement to the Colombo Chief Magistrate’s Court this morning.
However, it is learnt that one of the 04 officials who had received this overseas travel ban, had already left for Dubai early this morning.
Earlier, the Central Bank of Sri Lanka too, had formally stated that it was advisable to initiate a separate probe under the CID with regard to the Pyramid schemes, in addition to the current investigation. The CBSL letter had added that it was also prudent to obtain an overseas travel ban since the top hierarchy of the company was capable of going abroad.
It is also said that MTFE SL Group has not been registered under the Central Bank.
The company is a sponsor of the 2023 LPL based on an agreement reached with Sri Lanka Cricket (SLC) and I.P.G. company and accordingly, it was seen how the company printed its logo on the jersey of the Jaffna Kings team and carried out advertising activities in the stadiums where the matches were held.
Related News :