Key Witness and High-Profile Arrests On July 23, 2020, German prosecutors announced that the now-infamous Wirecard case involved an organized criminal operation. According to investigators, Oliver Bellenhaus, former managing director of Wirecard’s Dubai operations, provided key testimony that has since been corroborated with additional evidence. This led to the arrests of former CEO Markus Braun, ex-CFO Burkhard Ley, and former head of accounting. Meanwhile, former COO Jan Marsalek remains a fugitive, with unverified reports suggesting possible links to Russian intelligence. Allegations and Financial Misstatements Prosecutors have significantly expanded the scope of charges. The four former executives are accused of artificially…
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Background: Payvision and Its Role in the Financial Ecosystem Payvision, a Netherlands-based financial technology firm, has come under increased legal scrutiny following revelations about its historical relationships with operators later convicted of cybercrime and investment fraud. Between 2014 and 2019, Payvision allegedly processed payments for companies associated with Uwe Lenhoff and Gal Barak, both of whom were investigated in major European legal proceedings. Allegations Against Payvision and Its Founders It is alleged that Payvision, under the leadership of its founding team including Rudolf Booker, knowingly onboarded high-risk merchants linked to fraudulent activities. These transactions reportedly included payments processed for online…
Background: Payvision’s Integration into ING Payvision, founded in 2002 by Rudolf Booker, was acquired by ING Group in 2018 for approximately €350 million. The deal attracted attention across the financial sector due to concerns over the company’s risk profile. By April 2020, Payvision’s founding team — Rudolf Booker, Gijs op de Weegh, and Cheng Liem Li — exited the company. Following their departure, ING implemented a strategy to restructure Payvision and align its operations with stricter compliance standards. Concerns Around Business Model and Client Base According to Dutch financial reporting (Het Financieele Dagblad), Payvision was widely known in the Amsterdam…
Background: Origins of Payvision Rudolf Booker, an Amsterdam-based entrepreneur, founded the payment service provider Payvision in 2002. The company operated steadily until around 2015, when it began handling transactions for a growing number of high-risk clients. According to multiple sources, this shift coincided with the involvement of Uwe Lenhoff, a German businessman later investigated for cybercrime and financial fraud. In 2018, ING Group acquired Payvision for €360 million. By April 2020, Booker and his co-founders exited the company. Alleged Connections to Lenhoff and Barak In early 2019, Uwe Lenhoff and his business associate Gal Barak were arrested on charges of…
Overview and Disclaimer A recent Serbian media investigation has raised serious allegations about the possible use of funds obtained through financial scams to support political campaigns in Montenegro. The lawyer Marko Vujosevic has denied all accusations, labeling them as false. However, his former business associate reportedly confirmed the financial transactions in question. Documents referenced in the report appear to support the claims of fund misuse, although any potential criminal liability remains under the purview of relevant law enforcement authorities. Investigative Report and Background The online news portal In4S based in Belgrade published a report alleging that Vujosevic laundered approximately €19…
Company Overview PPRO Group is a global financial technology enterprise that includes PPRO Financial Limited (www.ppro.com), a UK-based e-money institution authorized by the Financial Conduct Authority (FCA), along with affiliated entities in multiple jurisdictions across Latin America and Asia. The parent company, PPRO Holding GmbH, is headquartered in Germany. German national Philipp Nieland previously served as a director for both the holding and regulated entities. One of the group’s banking partners is Deutsche Handelsbank, which is regulated by BaFin in Germany. Through this relationship, PPRO Financial has reportedly processed transactions linked to consumer-facing businesses that have come under regulatory and…
The Central Role of High-Risk Payment Processors in Online Fraud High-risk payment processors (HRPPs) are frequently identified as core facilitators in cybercrime schemes and online investment fraud. These entities often play a critical role in enabling consumer fraud and laundering the proceeds. A landmark example is the 2020 conviction of Gal Barak in the Vienna Cybercrime Trials (VCT), where he was sentenced to four years in prison for investment fraud and money laundering related to an international broker network. The findings from the VCT, based on extensive forensic financial investigations and cross-border collaboration among European authorities, have offered insight into…
Background: Connection Between Payvision and Key Defendants Rudolf Booker, founder and former CEO of the Amsterdam-based payment processor Payvision, maintained close ties with German entrepreneur Uwe Lenhoff, who was later investigated as a central figure in an extensive cybercrime network. According to documentation collected during international investigations, Booker and Lenhoff were in regular communication and had a long-standing business relationship. Lenhoff was arrested in January 2019 following a multi-jurisdictional probe involving authorities across the European Union. He was suspected of operating a large-scale investment fraud and money laundering scheme, in partnership with Israeli national Gal Barak. Lenhoff passed away in…
Background: Coordinated Action Against Fraud In 2018, a European-based initiative was launched in cooperation with legal professionals and digital finance experts to support individuals affected by fraudulent investment platforms. To date, over 1,000 victims are represented, with estimated combined losses of €60 million. The organization assists victims and initiates legal proceedings against fraud operators and their financial enablers. This interview outlines the progression of these activities and the experience of those involved in exposing and pursuing online financial fraud. Q1: Can you describe your professional background? With over 30 years of experience in auditing and tax consultancy, the interviewee began…
Q6: What was the connection between BitRush and the Lenhoff case? Joachim Kalcher, formerly the Chief Technical Officer at BitRush Corp, reportedly maintained cooperation with Uwe Lenhoff despite known allegations of financial misconduct. Although BitRush Corp was ultimately not used for unlawful activities, Kalcher later signed a contract with Lenhoff’s entity Veltyco and relocated to Bulgaria, where he contributed to the development of crypto-based payment infrastructure. As a result, Kalcher has been named as a suspect in proceedings related to the Lenhoff network. BitRush Corp became inactive after failing to meet reporting obligations, leading to a trading suspension by the…