Boiler Room Industry in Belgrade Still Active
The boiler room operations in Belgrade, often dubbed the “Manhattan of the Balkans,” remain very much alive. Among the most prominent and controversial players was Parogan DOO (www.parogan.com), controlled by Cypriot national Nikos Andreou and managed by former Serbian attorney Max-Sebastian Winterfeldt.
Andreou is also listed as the sole shareholder of another active boiler room firm in Belgrade, Olympus Prime DOO. However, unlike Olympus Prime, Parogan DOO is now undergoing liquidation.
Signs of Disappearance
Parogan’s LinkedIn page has vanished, and social media links on its website no longer function. The company’s digital presence is fading, potentially erasing traces of its involvement in fraudulent operations—amounting to hundreds of millions in victim losses. Or so they might believe.
Key Individuals & Connections
Parogan’s director, Max-Sebastian Winterfeldt (LinkedIn), is a well-connected Serbian lawyer with deep ties to Belgrade’s political elite. His LinkedIn profile promoted Parogan as a leading player in the boiler room scene. Winterfeldt is also linked to Marko Vujosevic, a prominent lawyer in Belgrade and co-founder/shareholder of Global Payment Solutions DOO (GPS).
GPS & Cybercrime Links
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GPS was cited in the conviction of Gal Barak as a money laundering channel.
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Barak, alongside Uwe Lenhoff, used GPS to funnel illicit funds.
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In September 2020, Barak was sentenced to several years in prison for investment fraud and money laundering.
Targeting German Consumers
Parogan gained notoriety for aggressively targeting German-speaking investors through persistent boiler room tactics. The company frequently posted job listings for German-speaking sales agents, further confirming their operational focus.
Recent crackdowns by German authorities may have accelerated the company’s downfall and contributed to its decision to liquidate.
Unanswered Questions
As Parogan DOO winds down, many questions remain:
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Where are the boiler room agents being reassigned?
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What happens to Parogan’s clients—who is servicing them now?
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Are there successor operations already in motion?
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What are the internal rumors about this exit?
If you possess any credible insights or evidence related to Parogan, its staff, or future transitions, please share via our Scam-Or Project platform.
Let’s ensure accountability continues even as digital traces fade.