Full Report

Key Points

  • Criminal Conviction: Samarakoon was sentenced to 29 months in prison in 2017 for defrauding the ATO of $549,719 through false R&D tax incentive claims, pocketing $380,000.

  • Business Ventures: Formerly associated with BPO Connect, he now leads “My Arjuna – The Cyber Shield,” a cybersecurity firm offering AI-powered fraud protection.

  • Allegations: Suspected of money laundering, ties to over 40 entities, and recent claims of fraudulent practices and censorship attempts.

  • Legal Issues: Disqualified as an SMSF auditor by ASIC in 2018; properties frozen by ATO and AFP as proceeds of crime.

  • Reputational Risks: Persistent adverse media and criminal record make him a high-risk partner for businesses.

  • Undisclosed Ties: Suspected connections to Michael Pearce and a network of companies used for laundering tax rebates.Ascertainable links to offshore entities remain unconfirmed.

Overview

Arjuna Samarakoon, born Nayanaka Arjuna Samarakoon, is a Sri Lankan-born Australian entrepreneur based in Melbourne. Initially a registered tax agent and accountant, he built a reputation through BPO Connect, an accounting and IT outsourcing firm claiming over 1,000 employees across Asia, Europe, and the US. His credentials included registration with the Tax Practitioners Board and approval as an SMSF auditor until his 2017 conviction for tax fraud. Post-prison, Samarakoon pivoted to cybersecurity, launching “My Arjuna – The Cyber Shield” in 2024, which offers AI-powered fraud protection through URL scanning and APK analysis. He also maintains a presence in creative fields, with credits in animation for Naturally, Sadie (2005). Public profiles, such as Crunchbase, highlight his 15 years of experience in finance and IT, though his criminal past overshadows these claims.

Allegations and Concerns

Samarakoon’s record is marred by serious allegations and documented misconduct:

  • Tax Fraud Conviction (2017): Pleaded guilty to three charges of defrauding the ATO’s R&D tax incentive scheme, falsely claiming $549,719 in refunds in 2013, with $380,000 transferred to personal accounts at ANZ and Bendigo banks.

  • Money Laundering Suspicions: The AFP alleged Samarakoon used over 40 entities to launder tax rebates, with funds funneled into personal accounts, suggesting a sophisticated scheme.

  • Fraud and Censorship Claims (2025): A YouTube investigation alleges Samarakoon engaged in fraudulent practices, impersonation, perjury, and attempted censorship via fake copyright takedown notices.

  • Associate Misconduct: Crystal Mavroyeni, a director in Samarakoon’s companies, faced 73 charges in 2017 for using forged documents, linked to the R&D fraud.

  • ATO Debt: Owes over $2.5 million to the ATO, with properties in Glen Iris, St Kilda, and Port Melbourne frozen as proceeds of crime.

These issues, combined with his access to sensitive client data as a tax agent, raise concerns about potential exploitation of trust and unreported partnerships.

Customer Feedback

Feedback on Samarakoon’s ventures is mixed, with limited public reviews:

  • Positive Reviews:

    • For “My Arjuna,” users praise its simplicity and effectiveness. One review states, “The app’s security tips are a game-changer, simplifying complex risks and helping me stay safe online.” Another notes, “My Arjuna saved me from clicking a harmful link sent through a random message.”

    • Testimonials on Cytrix Cyber Security Services, possibly linked to Samarakoon, include, “Their expertise and proactive approach have provided us with robust protection against cyber threats,” from a CEO at Maverick Ltd.

  • Negative Reviews:

    • No direct negative reviews of “My Arjuna” were found, but Samarakoon’s fraud conviction fuels distrust. Adverse media, such as a 2017 SMH article, labels him a “Melbourne accountant” who “rorted” millions, implying systemic deception.

    • The absence of widespread consumer complaints may reflect limited public engagement with “My Arjuna” or curated feedback, given its recent launch.

The polarized feedback—positive for current services, negative for past crimes—suggests a deliberate rebranding effort to distance Samarakoon from his criminal history.

Risk Considerations

Samarakoon’s profile presents multifaceted risks:

  • Financial Risks:

    • His $2.5 million ATO debt signals financial instability, potentially affecting business operations or creditor trust.

    • Suspected money laundering via 40+ entities suggests ongoing financial misconduct, increasing scrutiny from regulators like AUSTRAC.

  • Reputational Risks:

    • Persistent adverse media, including The Age and CRN Australia, ties Samarakoon to fraud, making him a liability for partners.

    • His criminal record and ASIC disqualification undermine credibility in finance and cybersecurity, where trust is paramount.

  • Legal Risks:

    • Ongoing ATO and AFP investigations into his business network heighten the risk of further charges or asset seizures.

    • Recent allegations of impersonation and perjury could trigger new legal proceedings if substantiated.

  • Operational Risks:

    • “My Arjuna’s” reliance on Samarakoon’s leadership, given his history, may deter clients wary of regulatory or ethical lapses.

    • Undisclosed ties to high-risk associates like Michael Pearce could expose partners to secondary liability.

These risks are amplified by Samarakoon’s operation in high-scrutiny sectors like cybersecurity, where AML and ethical standards are non-negotiable.

Business Relations and Associations

Samarakoon’s network includes:

  • BPO Connect: Formerly listed as managing director, though the company distanced itself post-conviction. He owns multiple web domains linked to BPO Connect, suggesting lingering influence.

  • Michael Pearce: A Sydney businessman implicated in a US text messaging fraud, allegedly linked to Samarakoon’s tax rebate schemes.

  • Crystal Mavroyeni: A director in Samarakoon’s companies, charged with 73 counts of using forged documents in 2017.

  • My Arjuna Team: Includes Mellisa Dunn (Head Marketing), David Keil (Programmer), and Jane Steiner (Project Manager), though their backgrounds are unverified.

  • Suspected Entities: Over 40 companies flagged by the ATO as conduits for laundering, with unclear ownership structures.

  • Sri Lankan Connections: Properties in Sri Lanka and ties to government figures, including Minister Lakshman Yapa Abeywardena, suggest international influence.

The opacity of these relationships, particularly the 40+ entities and offshore assets, raises concerns about hidden partnerships or illicit financial flows.

Legal and Financial Concerns

Samarakoon’s legal and financial troubles are extensive:

  • Lawsuits and Convictions:

    • Convicted in 2017 for three fraud charges in the Victorian County Court, sentenced to 29 months (18 served) for R&D tax fraud and dealing with proceeds of crime.

    • Disqualified by ASIC in 2018 as an SMSF auditor due to his criminal record and unfit status.

  • Unpaid Debts:

    • Owes over $2.5 million to the ATO, with no evidence of repayment.

  • Asset Freezes:

    • Properties in Glen Iris, St Kilda, and Port Melbourne frozen by ATO and AFP as proceeds of crime.

  • Ongoing Investigations:

    • ATO and AFP continue probing his business network, with potential for additional charges.

  • Bankruptcy Records:

    • No formal bankruptcy filings were found, but his $2.5 million debt and frozen assets suggest severe financial distress.

These issues, coupled with recent fraud and censorship allegations, position Samarakoon as a high-risk individual under active regulatory scrutiny.

Risk Assessment Table

Risk Type

Factors

Severity (1–5)

Financial

$2.5M ATO debt, frozen assets, suspected money laundering via 40+ entities

5 (Critical)

Reputational

Fraud conviction, adverse media, ASIC disqualification, trust erosion

5 (Critical)

Legal

Ongoing ATO/AFP probes, recent fraud/perjury allegations, prior conviction

4 (High)

Operational

Leadership of “My Arjuna” tied to criminal past, undisclosed partnerships

4 (High)

Regulatory

AML scrutiny in cybersecurity, tax agent deregistration, high-risk profile

4 (High)

Severity Scale: 1 (Low), 2 (Moderate), 3 (Significant), 4 (High), 5 (Critical)

Expert Opinion

In our expert analysis, Arjuna Samarakoon embodies the archetype of a high-risk entrepreneur whose past and present activities demand caution. His 2017 conviction for defrauding the ATO of $549,719 reveals a propensity for exploiting regulatory systems, a trait that persists in suspicions of money laundering through a sprawling network of over 40 entities. The pivot to “My Arjuna – The Cyber Shield” appears to be a strategic rebranding to restore credibility, but positive reviews cannot erase the stigma of his criminal record, ASIC disqualification, and $2.5 million ATO debt. Recent allegations of impersonation and perjury further suggest that Samarakoon’s ethical lapses may not be confined to his past.

Pros:

  • Demonstrates resilience in launching “My Arjuna,” with early positive feedback for user-friendly cybersecurity tools.

  • Leverages 15 years of finance and IT experience, potentially offering valuable expertise if ethical concerns are addressed.

  • Maintains international connections, which could support legitimate global ventures if transparent.

Cons:

  • Criminal history of fraud and proceeds of crime undermines trust in high-integrity sectors like cybersecurity.

  • Undisclosed ties to 40+ entities and Michael Pearce suggest ongoing financial opacity, risking AML violations.

  • Persistent regulatory scrutiny and frozen assets signal financial and legal instability.

Cautionary Advice: Businesses, investors, or clients considering engagement with Samarakoon or “My Arjuna” must conduct enhanced due diligence, including AML screening and verification of his business network. His criminal past and ongoing investigations make him a liability, particularly in regulated industries. Partners should demand full transparency on his financial obligations and offshore ties, while monitoring adverse media for new allegations. For individuals using “My Arjuna,” the service’s functionality appears promising, but users should verify its data security practices given Samarakoon’s history of exploiting trust. Regulators like AUSTRAC and ASIC should prioritize Samarakoon’s activities, as his profile aligns with high-risk AML and fraud indicators.

Key Citations