Dutch Journalists Uncover New Developments in the Payvision Story
On May 1, 2020, the three original founders of Payvision — Rudolf Booker (45), Cheng Lim Li (42), and Gijs Op de Weegh (44) — stepped down from their executive roles, either voluntarily or under pressure. This development was brought to light in an investigative article published by Dutch outlet Follow the Money (FTM). Founded in 2002, Payvision had gained attention in the financial technology sector and was acquired by ING, a deal that proved lucrative for the founders. The valuation of the company, as highlighted in the FTM piece, was allegedly inflated by revenue streams derived from questionable clientele.
An accompanying image in the article portrayed the trio as self-assured “FinTech cowboys,” suggesting they were well-versed in navigating the industry’s murky waters.
Criminal Investigations Surround Former Payvision Clients
FTM’s investigation touches upon criminal cases involving former clients and partners of Payvision, including Uwe Lenhoff from Germany and Gal Barak from Israel. Both have faced allegations of financial misconduct, including large-scale fraud. A spokesperson for ING — now the parent company of Payvision — confirmed that none of the three founders is currently facing criminal charges, though the situation remains fluid. Notably, money laundering allegations have been raised in connection with the company’s former operations, and investigations into associated clients are still ongoing.
Accusations of Negligence and Regulatory Lapses
According to the article, Payvision is alleged to have facilitated payments for fraudulent investment platforms by failing to uphold key compliance protocols, especially those related to Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations.
Multiple critics, including financial watchdogs and journalists, argue that:
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Payvision overlooked clear signs of fraud in client accounts
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Compliance warnings were ignored or downplayed
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Regulatory frameworks were not adequately enforced
These accusations primarily concern the time under CEO Rudolf Booker’s leadership. Despite growing concerns, the company leadership reportedly dismissed complaints and refused compensation demands.
ING and Payvision: Future Actions Pending
The departure of Payvision’s founding team is seen by some as the beginning of a necessary reckoning with the firm’s controversial history — particularly its involvement in binary options and unregulated trading schemes.
Legal representatives and consumer advocates are expected to resume dialogue with Payvision and its owner ING, seeking compensation on behalf of private investors who suffered financial harm due to platforms that allegedly benefited from Payvision’s payment services.
Conclusion
As the financial and legal investigations continue across Europe, Payvision’s role in enabling fraudulent financial networks is coming under closer scrutiny. While the company attempts to move forward under new leadership, the legacy of its early years — and the actions of its founders — remain subjects of public and regulatory interest.