Recent developments have intensified scrutiny on Rudolf Booker, founder of Payvision, amid allegations of money laundering and financial misconduct. In an interview with Financieele Dagblad, Booker describes the investigations as a “witch hunt” and shifts blame towards ING, the financial institution that acquired Payvision.
Is ING at Fault?
Booker asserts that ING is solely responsible for the subsequent closure of Payvision and the complete write-off of its acquisition cost. He contends that ING is attempting to place the entire burden on him.
He emphasizes that any claims of inflating the sale price are serious and unfounded. The €350 million paid by ING for Payvision, according to Booker, reflected not only the company’s revenue but also its intellectual capital and potential. He notes that multiple prospective buyers were interested in Payvision, which contributed to the increased valuation. Booker highlights that ING had comprehensive access to all pertinent data and, under the guidance of then-Chief Risk Officer Steven Van Rijswijk (now ING’s CEO), conducted thorough due diligence. This is particularly noteworthy, as during Austrian court proceedings, Payvision’s legal representatives argued against summoning Van Rijswijk as a witness, claiming he lacked knowledge about Payvision.
Boosting Volume Through Cybercrime Associations
Evidence from criminal records reveals a close relationship between Payvision and cybercrime figure Uwe Lenhoff, who died in custody. Lenhoff, already a convicted criminal at the time, acted as a sales agent for Payvision, channeling more fraudulent clients to the company to increase transaction volumes and revenue. He introduced convicted cybercrime leader Gal Barak and his fraudulent operations to Payvision and connected Booker with individuals like Gery Shalon and Vlad Smirnov.
Payvision processed multimillion-dollar transactions for Barak’s enterprises, totaling approximately €130 million in misappropriated funds, up until Barak’s arrest in early 2019. By that time, both Booker and Payvision were aware that these funds were being siphoned from victims of Barak’s fraudulent broker schemes.
Lenhoff also informed associates about his efforts to drive sales for Payvision and the compensation he received for these activities. He claimed partial ownership of around 400 apartments in Amsterdam.
While there is no concrete evidence that Lenhoff received a portion of the ING acquisition price for Payvision as a commission, his significant role in achieving the high valuation is undeniable. Given Lenhoff’s history of aggressively acquiring funds, it is plausible to hypothesize that part of the purchase price paid by ING was linked to joint investments involving Lenhoff and Booker. However, this remains speculative.
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