By In a related financial development, Sri Lanka witnessed the capture of one of the key suspects behind the OnmaxDT pyramid scheme fraud. Gayan Chamara Wickramathilaka, the alleged mastermind of the financial scam, was arrested in Dubai and subsequently extradited to Sri Lanka by the Criminal Investigation Department (CID).Meanwhile the OnmaxDT we site has crashed and it has been receiving a large number of hits. The scam has continued for some time and former parliamentarian Diana Gamage said in parliament that even parliamentarians are behind this sacam and more than two bilion had bn collected even after it was reported in court and proper investgationswere not been carried out. Over 13,000 police complaints have been filed against Onmax DT .
Wickramathilaka, who is accused of operating the fraudulent OnmaxDT scheme, had initially been arrested but later released on bail. He subsequently fled the country, evading law enforcement authorities. However, with the help of Interpol, he was tracked down and taken into custody. Investigations revealed that he managed to amass an estimated Rs. 164.5 billion through illegal financial transactions using international cryptocurrency platforms such as Binance and USDT.
Travel Ban
The Colombo Magistrate’s Court has imposed an overseas travel ban on an Wickramathilaka,
Colombo Chief Magistrate Thanuja Lakmali issued the order following a request made by the Criminal Investigation Department (CID) today (21).
The CID has informed the court that the individual in question has been actively promoting a pyramid investment scheme originating from Malaysia.
Further reports highlight that a key director of OnmaxDT had used approximately 400 crypto accounts to launder funds, with Rs. 38.5 billion directly deposited into Wickramathilaka’s accounts. Another Rs. 49 billion was transferred to a Georgian national’s account, raising further suspicions regarding the extent of the fraudulent network.
In November 2023, Sri Lanka’s CID arrested five directors of the company, remanding them for two weeks before granting them bail under stringent conditions. However, Wickramathilaka managed to evade the judicial process, leading to the issuance of an international red notice in August 2024.
Economic Implications and Future Outlook
As Sri Lanka grapples with worsening deflation, the effects of financial scandals like the OnmaxDT case add to the country’s economic woes. Deflation, if left unaddressed, could lead to lower wages, higher debt burdens, and reduced economic growth. Additionally, major financial fraud cases like OnmaxDT erode investor confidence and deepen public distrust in financial institutions.
The Central Bank of Sri Lanka and relevant authorities are now under pressure to implement corrective measures, including monetary policies aimed at stimulating consumer spending and business investments. The government has also pledged to take further legal action against those involved in fraudulent financial schemes while considering tighter regulations to prevent such incidents in the future.
