The Resolution and Enforcement Department of the Central Bank of Sri Lanka (CBSL) has launched an investigation into MTFE SL Group which was a sponsor of the 2023 Lanka Premier League (LPL).

The CBSL said that there were facts to indicate that the activities of MTFE SL Group could fall under prohibited pyramid schemes.It is also said that this company 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.

However, with strong objections received against this company on social media sites stating that it is working as a pyramid company, the SLC and I.P.G. company later proceeded to remove MTFE SL Group as a sponsor.