The Securities and Exchange Commission of Sri Lanka (SEC) has issued a fresh public alert today (January 15, 2026), urging citizens to avoid any engagement with an entity operating as Blue Ocean Securities Ltd. or its associated mobile application, BOMate, for investments in the Colombo Stock Exchange (CSE). The entity is not licensed by the SEC to act as a market intermediary, making any dealings with it illegal and highly risky.
This warning reinforces earlier cautions from both the SEC and CSE dating back to late 2025, highlighting ongoing concerns about fraudulent activities linked to this operation. The SEC has formally lodged a complaint with the Criminal Investigation Department (CID), which has commenced investigations. The CSE has filed a separate complaint, and relevant details, including complaints and connected bank accounts, have been shared with authorities.
The SEC emphasizes that depositing funds into any accounts provided by this entity could result in significant financial losses. Investors are strongly advised to exercise extreme caution and refrain from any investment-related interactions with Blue Ocean Securities Ltd. or the BOMate app.
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How the Scam Operates and Why It’s Dangerous
Reports indicate that the entity promotes itself through social media platforms, WhatsApp groups, and the BOMate mobile app, often creating a false impression of legitimacy by misusing official logos, such as that of the CSE. The app may display simulated trading interfaces that appear to show profits, enticing users to deposit money for “live” trading on the stock exchange. However, these operations have no real connection to the CSE, and funds deposited are at high risk of being misappropriated.
This type of scam is part of a broader trend of unlicensed online trading schemes targeting unsuspecting investors. Once funds are transferred, victims may find it impossible to withdraw money, or the operators may simply disappear. Such frauds exploit the growing interest in stock market investing in Sri Lanka, particularly amid economic recovery and increased digital access to financial services.
Key Advice for Public and Business Investors
For businesses and individual investors considering the stock market:
- Verify Licensing First: Always check the SEC’s official website (www.sec.gov.lk) for the list of licensed stockbrokers and investment managers. Only these entities are authorized to facilitate trades on the CSE.
- Use Official Channels: Open accounts directly through licensed brokers via the CSE website (www.cse.lk) or verified apps from reputable firms.
- Avoid Unsolicited Offers: Be wary of invitations via WhatsApp, social media, or unknown apps promising easy access to CSE trading or guaranteed returns.
- Report Suspicious Activity: If you’ve encountered this entity or similar schemes, contact the SEC hotline or submit details online promptly to aid investigations.
Special Caution for Young Investors
Younger investors, often active on social media and mobile apps, are particularly vulnerable to these digital scams. The allure of quick profits through a sleek app like BOMate can be tempting, especially with promotions in online groups or influencers highlighting “success stories.”
Remember:
- Real stock market investing requires patience and education no legitimate platform guarantees high returns without risk.
- Download apps only from official sources and verify their authenticity.
- Start small with licensed platforms, educate yourself through free resources from the SEC or CSE (such as investor education programs), and consult trusted financial advisors.
- If something seems too good to be true such as rapid gains with minimal effort, it probably is.
The SEC and CSE’s proactive steps, including coordination with the CID, demonstrate a commitment to safeguarding the integrity of Sri Lanka’s capital markets. By staying informed and vigilant, investors can protect their hard-earned money and contribute to a safer financial ecosystem.
For the latest updates, visit the SEC website or follow official channels. If you’ve been affected, seek immediate assistance from authorities to potentially recover funds or support ongoing probes.
Stay safe, invest wisely.
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