The European Fund Recovery Initiative (EFRI), a Vienna-based non-profit organization dedicated to assisting fraud victims, has officially filed a money laundering complaint against Deutsche Handelsbank and the PPRO Group. The complaint, backed by substantial documentation, was delivered to both Germany’s financial regulator BaFin and the Public Prosecutor’s Office in Munich. These two institutions are prominently referenced in the case files of the Vienna Cybercrime Trials (#VCT)—one of the most significant cybercrime investigations currently underway in the EU.
#VCT: A Landmark Legal Battle Against Cybercrime
The Vienna Cybercrime Trials refer to a complex network of legal proceedings involving members of the E&G Bulgaria cybercrime organization, headed by Gal Barak and Uwe Lenhoff. These trials represent one of the EU’s most comprehensive responses to digital investment fraud.
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In September 2020, Gal Barak, an Israeli national, was sentenced to four years in prison and ordered to pay millions in restitution to victims.
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His German partner, Uwe Lenhoff, was also a prime suspect but died mysteriously in prison in July 2020, before being formally indicted.
Much of the evidence in the #VCT was made possible through whistleblower disclosures, offering deep insights into how scammers operated and the role that banks and payment services played.
Allegations Against Deutsche Handelsbank and PPRO
EFRI’s recent complaint accuses both financial institutions of knowingly or negligently enabling the laundering of funds obtained through fraudulent investment schemes.
Key Evidence Submitted Includes:
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Accounts at Deutsche Handelsbank used by Barak and Lenhoff-affiliated shell companies such as:
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Online Prospect Ltd
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Tiberg Limited
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Flow of victim funds into these accounts, which were then rerouted to criminal collaborators
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PPRO Group’s infrastructure potentially aiding in the transfer and obfuscation of illicit funds
PPRO Group: Background and Structure
Founded by Tobias Schreyer (formerly of Wirecard) and Philipp Nieland, the PPRO Group is a multi-entity organization with operations spanning multiple countries. Headquartered in Munich, Germany, the group operates numerous subsidiaries, with a strong presence across Latin America, including:
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Mexico
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Brazil
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Peru
Regulatory Details:
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PPRO Financial Ltd is authorized as an e-money institution (EMI) by the UK’s FCA
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It also operates via Mr. Cash Wallet Solutions Ltd, an EMI agent registered in Gibraltar
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Although Mr. Cash Wallet Solutions Ltd lacks a dedicated web presence, the domain www.theppro.com listed by the FCA redirects to the group’s main portal www.ppro.com
Conclusion: This complaint underscores EFRI’s ongoing mission to hold financial facilitators accountable. Without the cooperation—intentional or not—of institutions like Deutsche Handelsbank and the PPRO Group, large-scale scams such as those run by Barak and Lenhoff would have been far less successful. Authorities are now reviewing the submitted evidence to determine potential regulatory and criminal consequences.