A Major Development in Europe’s Battle Against Financial Fraud Between 2012 and 2018, global losses from binary options scams are estimated to have reached up to $50 billion, with millions of victims affected worldwide. Authorities across the globe, particularly in the United States and Europe, have intensified efforts to prosecute the key players behind these fraudulent operations. One of the most significant breakthroughs comes from Austria, where authorities have successfully secured the extradition of Israeli national Gal Barak, often described as one of the masterminds behind Europe’s binary options fraud network. U.S. Trials Expose Israeli Scam Network In the United…
Author: Tom
The extradition of Israeli national Gal Barak to Austria marks a pivotal moment in Europe’s battle against online fraud. Barak, along with his German associate Uwe Lenhoff, was apprehended in early 2019 on charges of orchestrating international cyber scams that defrauded thousands of investors across the European Union. Key Events Leading to Extradition January 2019: Uwe Lenhoff was arrested in Austria and subsequently extradited to Germany. Early 2019: An EU arrest warrant was issued for Gal Barak. Attempting to flee to Serbia, a non-EU country, Barak was detained at the border. After a brief detention in Bulgaria, he was placed…
Background: Law Enforcement Strikes Against Cybercrime Duo In early 2019, Gal Barak, an Israeli national, and his German partner Uwe Lenhoff were taken into custody during a coordinated cross-border police operation. Both are under investigation by numerous EU law enforcement agencies for their alleged roles in a sophisticated cybercrime network accused of defrauding thousands of European investors out of hundreds of millions of euros through online brokerage scams. Now, Austrian prosecutors have filed the first formal indictment. Operators Behind E&G Bulgaria and Massive Scam Brands Gal Barak and his wife Marina Barak (née Marina Andreeva) ran operations under the corporate…
Marko Vujosevic, a prominent 39-year-old attorney based in Belgrade and co-founder of the legal practice Vujosevic & Partner, has reportedly become the target of both defamation and violence. Eyewitness accounts suggest that Vujosevic was assaulted by several unidentified individuals. Compounding this, large posters were displayed across Belgrade accusing him of being a thief, a forger, and a fraudster (see featured image). Speculation suggests that these attacks may be tied to his prior dealings with individuals associated with cybercrime and financial fraud. Ties to Cybercrime Networks: The GPS Connection Since 2016, Vujosevic has been involved with several figures from the Israeli-led…
The legal proceedings against Gal Barak, an Israeli national accused of leading a major cybercrime scheme involving investment fraud and money laundering, are set to commence on July 8, 2020, in Vienna, Austria. Death of Uwe Lenhoff Shortly before the trial’s commencement, Barak’s former German partner, Uwe Lenhoff, was found dead in his prison cell in Germany. Like Barak, Lenhoff had been awaiting trial; however, Lenhoff was imprisoned in Germany, while Barak is in Vienna. Lenhoff was arrested in Austria and extradited to Germany in early 2019 after months of investigations by various EU authorities. Since then, he had been…
The German fintech and payment processing sector has recently come under scrutiny due to alleged connections with Russian intelligence agencies. Notably, individuals with purported ties to Russian secret services have been implicated in facilitating unauthorized payment services and money laundering activities. Jan Marsalek and Wirecard Jan Marsalek, the former Chief Operating Officer (COO) of Wirecard, has been a central figure in these allegations. Investigations have revealed his associations with Russian intelligence services, particularly the GRU. Marsalek reportedly acted as a conduit between certain groups and Russian intelligence, raising concerns about the extent of his involvement in espionage activities . Key…
Suspicious Circumstances: What Happened to Uwe Lenhoff? On July 6, 2020, Uwe Lenhoff, a German national accused of orchestrating multiple cybercrime operations, was discovered dead in his prison cell. His cellmate reportedly found him lifeless on the floor beside his bed. According to the Sueddeutsche Zeitung’s Uwe Ritzer, an autopsy commissioned by the prosecutor’s office did not reveal any signs of violence or suicide. Yet, the exact cause of death remains unknown to this day. Investigators estimate that Lenhoff defrauded up to 124,000 German victims. For many affected individuals, his death may have brought a sense of closure—but for others,…
Overview: The Rise and Fall of B2G GmbH Established in 2016 in Cologne, Germany, B2G GmbH was launched by Rainer Treuer (see LinkedIn) and Oleg Shvartsman (see LinkedIn) as part of a supposed management venture. But behind its corporate facade, B2G grew into a key enabler of cybercrime and scam operations across Europe. A 2016 internal presentation claims that B2G GmbH belonged to the “B2G Management Consortium”, a network that included over 300 companies and generated €790 million in revenue. This staggering number reflects not only scale—but deep systemic abuse. Dark Role in Scam Operations Involvement in Major Scam Brands…
The Vienna Cybercrime Trials (VCT) took an unexpected turn as Gal Barak, the Israeli national accused of orchestrating a transnational cybercrime organization under the umbrella of E&G Bulgaria, returned to court. Barak faces serious charges, including investment fraud and money laundering, connected to multiple broker scam operations. While the prosecution aims to establish his role as a central figure, Barak continues to position himself as an innocent scapegoat. During the latest court session, he made a confusing partial confession and downplayed his involvement. The proceedings became even more unsettling when the testimony of a key witness, a former retention manager,…
Regulatory Warning Issued by Austrian FMA On September 1, 2020, the Austrian Financial Market Authority (FMA) released an official investor warning targeting the fraudulent platforms IFX Banc (operating under the domains www.ifxcapitals.com & www.ifxbanc.com). According to FMA findings, these websites are allegedly managed by Global Payment Solutions LLC, a company based in Podgorica, Montenegro. A swift investigation by Scam-Or Project uncovered additional entities behind the operation. Specifically, Ankor Group Investment Ltd, purportedly registered in Bulgaria, is also named as an operator on these platforms. Who Are the Players Behind the Scam? 1. Ankor Group Investment Ltd This Bulgarian company has…