Overview of the EFRI Complaint
The European Funds Recovery Initiative (EFRI) has officially filed a letter of formal notice to Payvision, a former ING subsidiary, requesting restitution payments for victims who lost money in scams orchestrated by Uwe Lenhoff, a German national who died in prison before his indictment.
Lenhoff was charged by German prosecutors with leading a cybercrime network involving investment fraud and money laundering. According to EFRI, Lenhoff maintained close business ties with Payvision and had a personal connection with its founder and former CEO, Rudolf Booker.
Allegations Against Payvision and Booker
EFRI’s letter contends that:
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Payvision knowingly and willfully processed payments for Lenhoff’s fraudulent schemes.
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Rudolf Booker, in his leadership role, was complicit in enabling scam operations.
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These activities were not incidental but strategic — aimed at boosting the company’s payment volume and valuation.
The allegations are further supported by findings from the #ViennaCybercrimeTrials (#VCT), which confirmed that Gal Barak, an Israeli cybercriminal and former partner of Lenhoff, also used Payvision as a payment processor. In September 2020, Barak was sentenced to four years in prison and ordered to make restitution payments to victims.
Timeline of Events and Ownership
|
Year |
Event |
|
Spring 2018 |
ING acquires 75% of Payvision for a valuation of €360 million (source) |
|
April 30, 2020 |
Founders including Rudolf Booker leave Payvision |
|
Post-2020 |
ING reportedly acquires remaining 25%, holding 100% ownership |
According to speculation, the founding team may have received approximately €90 million for the final share transfer.
Implications of EFRI’s Accusations
If EFRI successfully proves that Payvision and Rudolf Booker actively and knowingly participated in or facilitated scams operated by Lenhoff, Barak, and their network, the consequences could be severe:
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Legal exposure for Payvision under EU financial crime laws
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Potential lawsuits for damages from victims
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Reputational damage for ING, the parent company
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Further regulatory scrutiny of payment processors dealing with high-risk clients
Stay tuned for further developments as EFRI intensifies its efforts to recover funds and pursue accountability from entities that allegedly profited from enabling cybercrime.