News
Pyramid schemes galore in rural areas where financial literacy is low– Police spokesman
By Rathindra Kuruwita
Those operating pyramid schemes often target particular geographical locations where the financial literacy of the people is low, police spokesman, SSP Nihal Thalduwa says.He said that the CID had recently busted a pyramid scheme called Sports Chain, through which peolpe had been cheated out of Rs 15 billion, and arrested eight people.
“This scheme was carried out in Anuradhapura, Polonnaruwa and Kurunegala, and then it spread to other areas. We are now investigating several other schemes that have started from Hambantota and they, too, have spread across the country. They start in peripheral areas, and once established, they spread to other parts of the country,” the Police Spokesman said.
SSP Thalduwa added that the schemers had also customised their operations to cater to various target groups.
“The same product is packaged differently for youth and the middle-aged. The schemers have become very shrewd,” he said.
The police spokesman went on to say that the Central Bank and law enforcement authorities have been educating the people about pyramid schemes.However, these are multiplying as internet penetration and the use of smart devices have increased in the past few years, the police spokesman said.
He added that pyramid schemes are nothing new in Sri Lanka. However, in the past, their scale was comparatively small.
“Before the internet, those involved in pyramid schemes had to work harder to find new dupes. They probably had to canvass personally. Now they can use social media and gather people who are gullible,” he said.
According to SSP Thalduwa, some pyramid schemes involve cryptocurrencies. Most people do not understand what cryptocurrencies are, and there are so many of these digital currencies, he said.
“As the name suggests, the number of people at the top of the pyramid is small, and they probably end up making money. But the number of people increases as we go to the bottom, and these people always end up losing money. This also ends up affecting the economy because people become paranoid. For an economy to function, there should be an element of trust. Once this goes, things get bad really fast,” he said.
SSP Thalduwa said that there are a few internationally accepted platforms to buy and sell cryptocurrency. Often, those who manage pyramid schemes based on cryptocurrencies build trust among those who have invested by initially investing in these internationally accepted platforms.
“After a month or so, when some trust is established, these schemers migrate the investors to bogus platforms. Then they convince the investors that they are making about 100,000 rupees a day by trading cryptocurrencies. Recently, we arrested eight people, involved in a scheme called “SPORTS CHAIN.” This is how the Sports Chain schemers operated as well. There are many schemes,” he said.
SSP Thalduwa said the Banking Act bans pyramid schemes, and everyone involved in these schemes is guilty. The Central Bank can investigate these schemes, and if they identify such a scheme, the CBSL can direct the police to take action.
“When we get a complaint from people about suspected pyramid schemes, we ask the Central Bank to look into it and determine if this indeed is a pyramid scheme,” he said.
The police spokesman said that often those who run the pyramid schemes do it from outside the country, and the victims’ money has been taken to other countries.
“Then recovering the money becomes complicated. The government has to spend a lot of time and money on the recovery process,” he said.
The U.S. Embassy in Colombo welcomed the U.S. Sports Envoys to Sri Lanka, former National Basketball Association (NBA) and Women’s National Basketball Association (WNBA) players Stephen Howard and Astou Ndiaye, from June 8 through 14.
The Public Diplomacy section of the U.S. Embassy said that it would launch a weeklong basketball program intended to harness the unifying power of sports, made possible through collaboration with Foundation of Goodness and IImpact Hoop Lab.
While in Sri Lanka, Howard and Ndiaye, both retired professional basketball players, will conduct a weeklong program, Hoops for Hope: Bridging Borders through Basketball. The Sports Envoys will lead basketball clinics and exhibition matches and engage in leadership sessions in Colombo and Southern Province for youth aged 14-18 from Northern, Uva, Eastern and Western Provinces, offering skills and leadership training both on and off the court. The U.S. Envoys will also share their expertise with the Sri Lanka Basketball Federation, national coaches, and players, furthering the development of basketball in the country. Beyond the clinics, they will collaborate with Sri Lankan schoolchildren to take part in a community service project in the Colombo area.
“We are so proud to welcome Stephen and Astou as our Sports Envoys to Sri Lanka, to build on the strong people-to-people connections between the United States and Sri Lanka,” said U.S. Ambassador Julie Chung. “The lessons that will be shared by our Sports Envoys – communication, teamwork, resilience, inclusion, and conflict resolution – are essential for leadership development, community building, equality, and peace. The U.S. Sports Envoy program is a testament to our belief that sports can be a powerful tool in promoting peace and unity.”
SJB Colombo District MP Mujibur Rahuman in parliament demanded to know from the government the reasons for CEB suspending the leave of all its employees until further notice from Thursday.
MP Rahuman said that the CEB has got an acting General Manager anew and the latter yesterday morning issued a circular suspending leave of all CEB employees with immediate effect until further notice.
“We demand that Minister Kanchana Wijesekera should explain this to the House. This circular was issued while this debate on the new Electricity Amendment Bill was pending. There are many who oppose this Bill. The Minister must tell parliament the reason for the urge to cancel the leave of CEB employees,” the MP said.However, Speaker Mahinda Yapa Abeywardena prevented Minister Wijesekera responding to the query and said that the matter raised by MP Rahuman was not relevant.
The Chartered Institute of Personnel Management (CIPM) successfully concluded the 8th Annual CIPM Symposium, which took place on 31st May 2024. Themed “Nurturing the Human Element—Redefining HRM in a Rapidly Changing World,” the symposium underscored the pivotal role of human resource management (HRM) in today’s dynamic global landscape. Since its inception in 1959, CIPM has been dedicated to advancing the HR profession through education, professional development, and advocacy, solidifying its position as Sri Lanka’s leading professional body for HRM.
Ken Vijayakumar, the President of the CIPM, graced the occasion as the chief guest. The symposium commenced with the welcome address by the Chairperson, Prof. Arosha Adikaram, followed by the Web Launch of the Symposium Proceedings and Abstract Book by the CIPM President. The event featured distinguished addresses, including a speech by Chief Guest Ken Vijayakumar, President of CIPM, and an address by Guest of Honor Shakthi Ranatunga, Chief Operating Officer of MAS Holdings Pvt. Ltd., Sri Lanka.
The symposium also featured an inspiring keynote address by Prof. Mario Fernando, Professor of Management and Director of the Centre for Cross Cultural Management (CCCM) at the University of Wollongong, Australia.
Vote of Thanks of the inauguration session was delivered by Dr. Dillanjani Weeratunga, Symposium Co-chair.
The symposium served as a comprehensive platform for researchers to present their findings across a wide range of critical topics in HRM. These included Cultural Diversity and Inclusion, Talent Development and Retention, Ethical Leadership and Corporate Social Responsibility, Adapting to Technological Advancements, Mental Health and Well-being at Work, Global Workforce Challenges, Employee Empowerment, and Reskilling and Upskilling.
The plenary session was led by Prof. Wasantha Rajapakse. Certificates were awarded to the best paper presenters during the valedictory session, followed by a vote of thanks delivered by Kamani Perera, Manager of Research and Development.
The annual symposium of CIPM was a truly inclusive event, attracting a diverse audience that spanned undergraduates, graduates, working professionals, research scholars and lecturers. This widespread interest highlights the symposium’s significance in the field of HRM, offering a unique opportunity for everyone to network and learn from scholarly brains.The CIPM International Research Symposium was sponsored by Hambantota International Port, Sri Lanka Institute of Information Technology (SLIIT), E B Creasy & Co. PLC, and Print Xcel Company.
US sports envoys to Lanka to champion youth development
Rahuman questions sudden cancellation of leave of CEB employees
