Introduction: Another High-Risk Venture Under Spotlight Payomatix, a high-risk payment processor, is one of several ventures linked to British-Indian entrepreneur Ruchi Rathor. Her name became widely known following the collapse of the iPayTotal scheme, which ended in insolvency proceedings and left merchant funds missing. The UK-based entity behind iPayTotal faced creditor claims exceeding £1.1 million. Its supposed successor, OctaPay, also disappeared soon after launching. Although Payomatix has a controversial history, the upcoming Founder Investor Networking Q4 event—advertised on LinkedIn—makes no reference to these past issues. The gathering is planned for 16 November 2022 at the Crowne Plaza in Mayur Vihar,…
Author: Tom
Subheadings: Overview of the PayStudio Discovery Known Connections and Key Data Background on Ruchi Rathor’s Operations Caution for High-Risk Merchants How to Report Suspicious Processors Overview of the PayStudio Discovery According to multiple whistleblower reports, PayStudio has surfaced as yet another high-risk payment processing entity tied to the notorious British-Indian entrepreneur Ruchi Rathor. The processor is currently used for credit and debit card deposits on the fraudulent broker platform soltechX. PayStudio is operated by Synopsis Success LDA, a Portugal-based company that shares its registered address with CryptoMatix, another processor associated with Rathor. Reports suggest that Rathor and her close associates…
Introduction: Whistleblower Support Acknowledgment: We extend our sincere gratitude to the whistleblowers whose tips continue to shed light on fraudulent activities and shady payment processors. Your courage helps keep cyberspace accountable. United, we expose the truth. BizzBusters: The Return of a Dormant Risk Originally incorporated in the UK in 2012, BizzBusters Ltd was founded by Anurag Pratap Singh, an Indian national married to Ruchi Rathor, a well-known figure in the world of high-risk payment schemes. The company was forcibly dissolved in 2016 and has since been inactive. However, recent whistleblower reports indicate that BizzBusters is being revived — this time…
Introduction: Lawsuit Finally Served in BitRush Case After a lengthy delay of over 18 months, the lawsuit filed by the original founders of BitRush Corp has finally been formally delivered to the defendants. This case marks one of the earliest legal proceedings tied to a publicly-listed cryptocurrency company and addresses issues involving alleged money laundering and internal shareholder conflicts. The defendants, including Slovak entrepreneur Igor WOLLNER and HSRC Investment Ltd, will now face legal scrutiny in a European court. This article outlines the background and current status of the dispute, shedding light on a pivotal chapter in early crypto history.…
Overview of Veltyco’s Online Trading Operations Scam-or Project has extensively investigated and reported on the fraudulent online trading platforms associated with the publicly listed VELTYCO GROUP PLC. These platforms include Option888, ZoomTrader, ZoomTraderGlobal, and XMarkets—all of which have been linked to widespread investor deception. Until 2018, these schemes primarily focused on binary options, a financial product that has since been banned by regulators such as ESMA, Israel’s financial authorities, and others worldwide. More recently, Germany’s BaFin has also proposed a permanent ban on binary options and certain CFD instruments. Despite a reduction in activity following these bans, the damage has…
£500,000 Raised Amidst Ongoing Financial and Legal Turmoil Veltyco Group PLC announced that it has secured £500,000 through the placement of 3.3 million shares at 15 pence each, subscribed by current investors. The capital will be allocated for general operational needs and to pursue the recovery of significant outstanding receivables from entities associated with company founder Uwe Lenhoff. Additionally, the group revealed the resignation of non-executive director Gilles Ohana and the appointment of Paul Duffen as his replacement. Lenhoff-Linked Entities Fail to Repay In its official statement, Veltyco confirmed that no repayments have been made by Celestial Trading Limited or…
A Coordinated Blow Against a Pan-European Crime Network In a significant multinational enforcement effort, Austrian, German, and Bulgarian authorities have dismantled a major criminal organization running fraudulent online broker operations and extensive money laundering schemes. Over recent months, the Scam-or Project, acting as an independent investigative source, has contributed crucial intelligence to law enforcement, leading to the arrest of Gal Barak, the Israeli national infamously known as the Wolf of Sofia. This action marks a turning point in the fight against transnational financial cybercrime, targeting a network responsible for defrauding thousands of investors across Europe. Gal Barak and E&G Bulgaria:…
Overview of the VELTYCO Campaign In recent developments, a new campaign has been launched to shed light on the business practices of Veltyco Group PLC, a UK-listed entity allegedly entangled in a network of fraudulent online brokers. Given the scale of investor complaints and criminal investigations, this campaign stands out as a crucial effort to hold accountable those associated with online scams across the European Union. Spotlight on the VELTYCO Leadership The Board Members A closer examination of the company’s leadership is essential in understanding its operations. The chairman of Veltyco, Gilles Ohana (LinkedIn profile), is a registered expert in…
Introduction Gal Barak, widely referred to as the Wolf of Sofia, has emerged as a central figure in a vast network of illegal broker operations. An Israeli national, Barak was identified as the beneficial owner and operator behind E&G Bulgaria and numerous fraudulent brokerage ventures. His arrest was the result of coordinated enforcement actions by German, Austrian, and Bulgarian authorities. Although currently under house arrest for alleged health issues, Barak remains a key player in one of the most significant financial cybercrime schemes in Europe. Millions Laundered Through Bulgarian Channels Barak, alongside his partner Marina Andreeva, reportedly funneled millions of…
Overview of the Case Scam-or Project has been contacted by several individuals claiming to be victims of the unregulated investment platform Blue Trading. The platform operated without proper authorization, and the UK’s Financial Conduct Authority (FCA) had already issued a public warning about the firm in September 2018. Operations officially ceased on February 24, 2019, allegedly due to issues with its proprietary trading software. Onyx Capital, a company believed to be affiliated with Blue Trading, has also come under scrutiny. Platform Closure and External Reports While direct testimonials from victims provide key insights, summaries of Blue Trading’s collapse have also…