Veltyco Investigation: Major Shareholder Files £500 Million Fraud Complaint with FCA

Background of the Complaint

The Veltyco Group PLC case is now under review by the UK Financial Conduct Authority (FCA). On July 29, 2019, one of the company’s larger shareholders filed a £500 million fraud complaint with the regulator. The complaint, reviewed by Scam-or Project, outlines allegations tied to former board members and executives.

Although the identity of the shareholder—a UK-based investor—is known to Scam-or Project, it has not been publicly disclosed at the request of the complainant.

Allegations Involving Uwe Lenhoff and Marcel Noordeloos

According to written statements provided by the shareholder, core members of Veltyco’s management were allegedly involved in orchestrated fraud schemes, many of which are tied to company founder Uwe Lenhoff and then-board member Marcel Noordeloos.

“I want Veltyco management in prison. One of the main shareholders was paying people 2% to buy shares in Veltyco on the market to inflate the price, allowing Uwe to sell his own shares,” the shareholder claimed.

Insider Knowledge and Escalation

The complainant is reportedly well-acquainted with both the senior leadership and major investors of Veltyco. One of the accused, a major shareholder and former associate of Lenhoff, rejected the allegations, stating that he himself was misled by Lenhoff and suffered personal losses exceeding €4.5 million.

However, it is now widely acknowledged by Veltyco’s shareholder base that Lenhoff engaged in fraud. Many insist that Lenhoff acted independently, with no broader internal conspiracy.

Another substantial shareholder—who reportedly owns more than 10% of Veltyco shares—has also expressed readiness to join the criminal complaint and pursue legal action against the management.

Share Transfers and Ongoing Investigations

Following Lenhoff’s arrest, his shares in Veltyco were transferred from Lensing Management Ltd (based in the British Virgin Islands) to Ulen Holdings Ltd. This move is presumed to be linked to ongoing criminal inquiries involving Lensing Management Ltd.

Summary Table: Key Figures and Entities Involved

The case continues to evolve as shareholders and regulatory authorities scrutinize Veltyco’s corporate practices and internal conduct.