Acknowledgement: Scam-Or Project extends its gratitude to whistleblowers whose contributions have helped expose fraud networks and illicit payment processors. Through collaboration and transparency, we aim to protect the digital financial space. The Rise and Fall of a Global Scam Network The binary options fraud wave that began in Israel wreaked havoc worldwide, leaving hundreds of thousands of victims and incurring billions in damages. Among the key players were Anton Senderov and Lior Babazara, associated with Liantech Finance Marketing Ltd. Although they settled charges with the U.S. Securities and Exchange Commission (SEC) in 2020, many victims outside the United States are…
Author: Tom
FMA Issues Investor Alert on LCoin Market Scam The Austrian Financial Market Authority (FMA) has issued a formal investor warning concerning the fraudulent activities of LCoin Market (accessible via www.lcoinmarket.com). This entity is allegedly operated by Triton Partnership Ltd., a company incorporated in St. Vincent and the Grenadines. The scam utilizes the white-label solution of PumaTS and is integrated with the Activ8 trading platform, a product of CySEC-regulated Leverate Financial Services Ltd. Investigations have linked AtomixPay and iPayTotal as the payment processors facilitating transactions for this illicit broker. Platform Infrastructure and Scam Credentials LCoin Market runs on the PumaTS white-label…
Background: Scrutiny of OctaPay and iPayTotal Connections Recently, Scam-Or Project issued a Request 4 Information (R4I) concerning the activities of the high-risk payment service providers OctaPay and iPayTotal. Various reports suggest a close link between these two processors, with connections allegedly facilitated by Vishal Coodye through Rashal International LLC. New insights confirm that OctaPay’s European base of operations is located in Cyprus. Leadership Shake-Up at OctaPay On December 9, 2020, OctaPay announced the termination of its European CEO, Christian van Biezen. According to reports, van Biezen was dismissed due to his refusal to engage in or tolerate alleged illegal practices…
Allegations from Fired OctaPay Director Against Payment Processors In recent developments, high-risk payment processor OctaPay has come under scrutiny. According to industry insiders, OctaPay may be linked to fraudulent operations, with allegations that the same beneficial owners are behind both OctaPay and iPayTotal. Following a Request for Information submitted on December 8, 2020, OctaPay Europe’s CEO, Christian van Biezen (LinkedIn), was dismissed from his position. The company cited numerous instances of alleged misconduct, including serious accusations such as sexual harassment of colleagues and employees. Van Biezen, however, denies all charges and instead accuses OctaPay and iPayTotal of being fraudulent enterprises.…
On December 14, 2020, the UK Financial Conduct Authority (FCA) issued a public warning concerning the fraudulent forex broker WFT Group, also known as WFT World. The scam operates through the domains www.wft.world and www.wft.group. Entities Behind the Scheme The investigation uncovered IT Consult Pro Ltd as one of the entities operating the scam. The company is associated with an account at TransferWise Europe (now Wise) under the IBAN LT633270001000069681. On the WFT Group’s website, Invest Group LLC, registered in St. Vincent and the Grenadines, is named as another associated operator. Invoice and Bank Transfer Scheme Victims who made deposits…
Background on OctaPay Limited OctaPay Limited was incorporated on 16 September 2020, according to the records at the UK Companies House. The company lists Madhumita Singh (LinkedIn profile), born in January 1987, as its sole director and beneficial owner. OctaPay functions as a payment services provider for high-risk sectors such as online gaming, cryptocurrency, and forex trading. The business operates under the primary domain www.octapay.fund, with related domains like www.octapay.tech and www.octapay.net, all showcasing varying interfaces and services but appearing to belong to the same group. In addition to her role at OctaPay, Singh is also named as director and…
Russian influencer heavyweight Sergei Kosenko and gaming executive Artem Nikolayev are attempting a revival of their controversial AMAZY initiative—this time from Dubai. With the help of over 350 influencers and a barrage of viral “cash giveaway” videos, some of which reportedly use fake dollar bills, the duo is pushing for a new global reach. Financial observers fear a second pump-and-dump round is underway, potentially trapping victims beyond the borders of the CIS. Key Points Influencer network: AMAZY claims to collaborate with 350+ influencers, with a combined audience near 1 billion. Promotional materials feature names such as Brody Jenner and Nikita…
Growing Turmoil for High-Risk Processor iPayTotal Indeed, there has been a considerable stir around the high-risk payment processor iPayTotal in recent weeks. Initially, a UK court issued an order for the compulsory winding-up of the UK entity. This was soon followed by chaos surrounding the Octapay Group. On December 9, 2020, Octapay’s CEO, Christian van Biezen, was dismissed due to alleged misconduct. In a statement to investigative journalists, Biezen claimed that his dismissal stemmed from his refusal to participate in what he described as the Octapay scam. It is further alleged that the economic owners of Octapay are the same…
Introduction Indeed, the UK courts have issued a compulsory liquidation order against iPayTotal Ltd. This is a fact. However, exposing cybercrime and scam-supporting high-risk payment processors (HRPPs) is never easy. These companies frequently deploy lawyers who allege defamation and threaten legal action. Given their lucrative high-risk operations, they can afford strong legal teams. Nevertheless, challenge accepted. The UK-Indian HRPP iPayTotal has reportedly expressed concerns about the defamation in several online reports and is seeking to have them taken down. Naturally, they would prefer that. Allegedly, sources and evidence were not clearly presented. Below is a summary of the fact-based allegations.…
Regulatory Alert on FXOptex Groups Broker Scam The Austrian financial regulator FMA has published an investor alert concerning the fraudulent broker FXOptex Groups (www.fxoptexgroups.com), which is operated by FXOptexGroups Global Ltd. There is no further information available about individuals or related companies connected to this entity. The website states only that the company is governed by the laws of Cyprus. Payment Processors Linked to the Scam As seen with similar schemes, this scam also uses well-known high-risk payment facilitators. The processors associated with FXOptex Groups include: iPayTotal OctaPay ShefaPay Itez Details on Itez The crypto payment service Itez (www.itez.com) is…