In a landmark case in Saarbrücken, Germany, the court has sentenced 29-year-old Azem Spahiu to 12 years in prison for his involvement in the Veltyco Cybercrime Scheme. This fraudulent operation defrauded clients of over €32 million through deceptive binary options platforms.
Key Individuals and Roles
|
Name |
Role in the Scheme |
|
Azem Spahiu |
Coordinated affiliate marketing for scam brands |
|
Betim Tasholli |
Managed the boiler room in Pristina |
|
Mohamad Shaker |
Oversaw the boiler room in Prague |
Details of the Scheme
The Veltyco Cybercrime Scheme, orchestrated by the late German national Uwe Lenhoff, operated fraudulent broker platforms such as Option888, ZoomTrader, TradoVest, and XMarkets. These platforms lured investors into bogus binary options trading, resulting in substantial financial losses. Lenhoff, the mastermind behind the operation, was found dead in prison in 2020 under mysterious circumstances.
Trial Proceedings
The trial spanned 23 days, during which over 30 witnesses testified, including more than 20 victims. The testimonies highlighted the fraudulent tactics employed by the perpetrators. Notably, many victims had made deposits through Payvision, a Dutch ING subsidiary whose founder and CEO, Rudolf Booker, was closely associated with Uwe Lenhoff.
Sentencing Outcome
The court found that Spahiu, in collaboration with Tasholli, orchestrated a scheme that defrauded clients of more than €32 million. This case stands as one of the largest fraud trials in Germany to date, with Spahiu’s 12-year prison sentence being among the most severe for such offenses nationwide. Defense lawyers have appealed the sentence, rendering it ineffective until the appeal is resolved.
Current Status of Other Defendants
Both Tasholli and Shaker are reportedly at large, with authorities continuing their efforts to apprehend them.
This case underscores the extensive reach and severe impact of cybercrime schemes, highlighting the importance of vigilance and regulatory oversight in the financial sector.