Ongoing Instability Following Lenhoff’s Arrest The situation surrounding Veltyco Group PLC, a company listed on the London Stock Exchange’s AIM segment, continues to deteriorate following the arrest of its founder, Uwe Lenhoff, in early 2019. According to an official statement issued by the company’s board — including Paul Duffon and Marcel Noordeloos — financial results for June 2019 fell short of projections, further straining the firm’s liquidity. The board acknowledged that talks with investors and creditors were underway, but admitted there was no assurance of a successful outcome. Pivoting to Bet90: A Strategy Without Capital? Amid the fallout, Veltyco aimed…
Author: Tom
Overview: Criminal Proceedings Against Uwe Lenhoff and Veltyco’s Role In January 2019, German national Uwe Lenhoff, founder of the public company Veltyco Group PLC, was arrested on charges of investment fraud, money laundering, and financial crime. He remains in custody in Germany pending indictment, along with four additional suspects. Authorities believe Lenhoff and his network established an organized structure to carry out fraudulent schemes, including those tied to Veltyco Group PLC and its affiliates. According to documents reviewed by Scam-or Project, Lenhoff has made statements implicating Veltyco’s management and major shareholders in the broader scheme. LottoPalace, Softlotto Ltd, and Deceptive…
Background: Pressure on Scam-or Project and Its Partners Israeli national Gal Barak, alleged operator of boiler room networks and fraudulent brokers such as XTraderFX, SafeMarkets, OptionStarsGlobal, and CryptoPoint, has reportedly launched legal threats against a German hosting provider working with Scam-or Project, an independent platform reporting on financial fraud. According to sources familiar with the situation, these threats follow Barak’s earlier attempts to silence investigative reporting, including reported incidents of DDoS attacks, legal intimidation, and even an alleged bribery attempt of €5 million. The Vienna Meeting and Recorded Admission In January 2019, Barak reportedly arranged a meeting in Vienna through…
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…
Coordinated Enforcement Action in the Balkans In June 2019, law enforcement authorities in Germany and Kosovo conducted a coordinated enforcement operation targeting individuals suspected of involvement in international money laundering schemes. As reported by local media such as Gazeta Blic, the suspects — Betim Tasholli (31), Azem Spahiu (26), and Egzontin Murturi (31) — were summoned for questioning by Kosovan authorities. During the operation: Offices and residential properties were searched Dozens of physical files were reportedly seized Bank accounts were frozen, and Eight real estate properties were confiscated Additionally, luxury items, including a Porsche and expensive watches, were recovered Ties…
Massive Data Breach in Bulgaria On July 17, 2019, major international outlets, including the New York Times, reported on the hacking of Bulgaria’s National Revenue Agency (NRA). The breach exposed the personal information — names, addresses, incomes, and social security numbers — of nearly five million individuals, nearly the entire adult population of Bulgaria. The potential implications are significant. Under EU regulations, companies and institutions that mishandle personal data can face fines of up to €20 million. The NRA now faces scrutiny from regulators and the public alike. Kristian Boykov: White Hat Hacker or Convenient Suspect? At the center of…
Background on LottoPalace Operations LottoPalace is a fraudulent online platform historically associated with Uwe Lenhoff, a German national, and his publicly traded company Veltyco Group PLC. Numerous complaints have been filed by users claiming they were denied withdrawals and payouts. Investigations are currently underway in both Germany and Austria. The platform was reportedly operated in collaboration with Lenhoff’s sister Miriam Sahl and Softlotto Ltd, led by Amit Giorini from Israel. Emergence of a Secondary Scam: Fake Funds Recovery Recent reports from former LottoPalace clients indicate a disturbing trend. Individuals claiming to be former employees of the platform’s boiler room operations…
New Court Session Held in Bulgaria Today, judicial authorities in Sofia are once again addressing the extradition request from Austria regarding Gal Barak, an Israeli national accused of operating transnational financial fraud schemes. An EU arrest warrant was issued against Barak in early 2019 on charges including money laundering, aggravated fraud, and financial crime. He was detained in February 2019 during a coordinated enforcement operation, and subsequently placed under house arrest, reportedly for medical reasons. Broker Platforms and Associated Boiler Rooms Gal Barak is believed to have controlled a network of unregulated broker platforms, such as: XTraderFX SafeMarkets OptionStarsGlobal Golden…
The Need for a Pan-European Strategy In the context of increasing cybercrime and investment fraud targeting EU citizens, a number of stakeholders have emphasized the urgency of implementing a coordinated, supranational strategy. Various organizations have submitted evidence and data-driven findings to enforcement agencies, prosecutors, and the European Commission to assist in this effort. Among the initiatives supported by these groups is the annual Cybersecurity Month, introduced by the European Commission to increase awareness and promote better practices. Report on Cyberscams Submitted to the EU Commission A comprehensive report on cyberscam operations across the EU has recently been submitted to the…
Background and Corporate Conflict In December 2016, Werner Boehm, co-founder of the publicly listed Canadian company BitRush Corp, became the subject of accusations by the company’s board in Toronto. Boehm rejected these claims and refused to step down, which led to legal action against him. This litigation was financially supported by Slovakian investor Igor Wollner, who aimed to increase his minority share in the company from below 20% to majority control. Wollner had engaged in discussions with Uwe Lenhoff and sought to shift BitRush’s focus toward speculative crypto opportunities. This strategic move clashed with Boehm’s vision. The Missing Partners and…