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Sri Lankans falling prey to Pyramid racket called Onmaxdt

1 December 2022 10:21 am - 16     - {{hitsCtrl.values.hits}}

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By Rahul Samantha Hettiarachchi

-The Chairman of Onmaxdt organization was a Sri Lankan expatriate in Australia Dan Basnayake from Kandy

-Attempts to contact several officials of the Central Bank of Sri Lanka to seek clarification in this regard failed

Many Sri Lankans have fallen prey to a surreptitiously carried out Ponzi Scam run by a purportedly Australian Company Onmaxdt, it is learned.

A source at the Onmaxdt scheme said senior Government officials, leading businessmen, Police officers and ordinary people from several areas of the country were among its members and that the ordinary people had even mortgaged their property to find money to invest.

The source said that the Chairman of Onmaxdt organization was a Sri Lankan expatriate in Australia Dan Basnayake from Kandy.

Our attempts to get a clarification from the Central Bank drew a blank.

The Central Bank however informed that the organization Onmaxdt had not been permitted to invest in Sri Lanka and that several complaints against that organization had already been received.

Modus Operandi

“Uncertainty lasts for about six months but we get our money thereafter. If we join several others to this scheme, we would be up by profits in two months. It is not sure how long it would last and so I aim to join several others and get my money and the profit. This is what everyone expects by investing in this scheme,” the source who is also one of the investors at the Onmaxdt racket, said.

The Onmaxdt is a pyramid racket introduced as a scheme run by Onmaxdt which claims it engages in cryptocurrency transactions. It first opens an account for the investors through an App and gives a prospectus that their money would be multiplying and build confidence in them.

However, the contributors would not receive any bank account number for the transaction taking place through the App.

The deposits are collected by hand by the representatives of the scheme. After two weeks of making payment, they would show the individuals concerned that they would receive the dividends in USD, although deposits were made in local currency.

Investigations of how this organization deposited money in the accounts of the investors, revealed that the transactions were taking place through individuals in Sri Lanka and through local banks.

False Information

The address of the company as shared on social media is 42, Logan Road, Woolloongabba, 4102, Australia.

However, we investigated through Google Maps and checked with two journalists living in Australia to find that any such organization was not located there and that it is the address of a restaurant called The Bunglaw Brisbane.

It has been revealed that this organization has not been registered even in Sri Lanka

When inquired under the Right to Information Act, Central Bank of Sri Lanka informed that the organization called Onmaxdt had not been permitted to invest in Sri Lanka and that several complaints against that organization had already been received.

However, the transactions of this organization have been going on unchecked since 2020, although their website Onmaxdt.com had been obtained on July 22, 2021, and updated on November 22, 2022.

Under the grading of the Scam Detector website, the standardization of any genuine website free from fraud or malpractice would be above 50 percent. The Onmaxdt.com website stands at only 0.7 percent.

Accordingly, the Scam Detector Website has decided that Onmaxdt is an organization with risky undertakings in the investment industry and other activities.

Investigations through www.similarweb.com website revealed that 94.61 percent of members of this organization were Sri Lankans while 5.39 percent were Canadians.

However, there is no evidence of any Australian members. It is a clear indication that this company is not based in Australia and is not an accredited company that has received legal status.

A representative of the Onmaxdt organization responsible for the membership drive Sumith Sudusinghe of Lunugamvehera said on August 25, 2022, that the tens of thousands of people had invested in the Onmaxdt scheme and that he would hold responsibility for their investments.

However, when inquired the source on October 10, 2022, regarding the transactions, the source said he was not responsible for the activities of the organization and advised him to make inquiries from an individual named Sampath Sandaruwan. He said the Chairman of the Onmaxdt organization is a Sri Lankan expatriate in Australia Dan Basnayake from Kandy.

We attempted to contact Sampath Sandaruwan over the phone repeatedly on November 22 but to no avail.

How people are hoodwinked.

A member of the Onmaxdt scheme said senior Government officials, leading businessmen, Police officers and ordinary people from several areas of the country were among its members and that the ordinary people had even mortgaged their property to find money to invest.

“If we invest 1,000 USD, equal to about Rs. 375,000 we receive it back in about four months. They pay dividends amounting to three times the investment for about 15 months. If we could join several others we would receive a commission. We can recover the invested money in two months. Every member attempts to enrol more members,” he said.

The representatives who collected money purportedly to invest in Australia promised to share the profits among the members, but they were not in a position to explain how the company had invested the funds raised from the members to pay dividends.

However, they attempt to give a perspective through their Facebook posts that they have earned massive dividends and improved their social status.

It is a matter of serious concern that the Police and the relevant authorities have allowed this racket to go on unchecked although they have the authority to take action under the Money Laundering Act.

Our attempt to contact several officials of the Central Bank of Sri Lanka to seek clarification in this regard failed.


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  Comments - 16

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  • Onmaxdt Thursday, 01 December 2022 11:02 AM

    Foolish greedy people!

    Punchi Thursday, 01 December 2022 11:11 AM

    If it is too good, then it is noo good. Our own bretheren now along side our monks and politicians scamming us.

    Sandy Thursday, 01 December 2022 11:26 AM

    Most of these scams are carried out by politicians using their henchmen, this has happened in many countries. Without politicians knowledge nothing can be done on a largescale in any country.

    Mahila Thursday, 01 December 2022 12:07 PM

    What could the CBSL do if people invest their money online!!! CBSL wouldn't be aware of your activities online to monitor or control it!!!

    BuffaloaCitizen Thursday, 01 December 2022 12:11 PM

    We are an example of a country where highest level of literacy does not guarantee knowledge and basic intelligence.

    Pseudonym Friday, 02 December 2022 12:58 AM

    I suggest you change your pseudonym. It does not suit you at all. It suits the population of a certain country perfectly. Unfortunately I am also one of them and hope you are not. This population had made blunders after blunders (still continuing the same way) and their intellect repelled the British from the country. Remember, the British did not give up other teritories like Honkong, Falklands etc., for a long time.

    Mizaru Thursday, 01 December 2022 01:06 PM

    Sri Lanka government too have been trying to start or encourage cryptocurrency and the Central Bank governor has shot is down. Could be someone in the government is behind this scheme.

    Eper Thursday, 01 December 2022 01:29 PM

    The greedy fools who invest in such schemes must think how these unscrupulous fraudsters reinvest and earn, to payoff the investors.History gives sufficient proof

    ram Thursday, 01 December 2022 01:49 PM

    I send a email to the cops regarding a gu called dinesh chanka from lunghumwehera one of the agents they said no proof.

    Karalasingam Sivalingam Thursday, 01 December 2022 02:39 PM

    There is everything for your need and not for your greed, these people don't work to prosper but try to wait for fortunes, they are really fools,in Sri Lanka we have had many experiences over swindlers, why get trapped.

    K.L Pathirana Thursday, 01 December 2022 03:37 PM

    Article notes 'senior Government officials, leading businessmen, Police officers and ordinary people' have been victims of this Ponzi Scam. Reason, none of these people have any common sense to hide their ill-gotten money.

    Vaidiv Friday, 02 December 2022 12:02 AM

    Check Instabuy scam The scammer Jeev is roaming around freely.

    Rumous Friday, 02 December 2022 01:39 PM

    These people deserve to be swindled. Surely if someone promises such large returns even a child knows it can’t be honest

    Navin Karunatilaka Saturday, 03 December 2022 03:03 AM

    Very poor journalism. You should know where to look. It only took me a minute to obtain information about this company Entity name: ONMAXDT PTY LTD ABN status: Active from 02 Sep 2021 Entity type: Australian Private Company Goods

    Cecil Hedwige Saturday, 03 December 2022 08:08 AM

    Haven't people learned from the Golden Key debacle, Our people are foolishly greedy to sum up things

    Lucky Ten Saturday, 03 December 2022 09:27 AM

    What about this company called "POWER HANDS" they too are collecting money from people promising huge returns... is anyone aware of this


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