Background on Illicit Brokerage Structures
The investigation of fraudulent online brokers frequently leads the Scam-or Project through a web of international jurisdictions. Despite many of these operations being directed by Israeli figures like Gal Barak and Gery Shalon, the execution of such schemes often relies on operations based in other countries. Key components in these operations include boiler rooms and payment service providers (PSPs)—with favored hubs in Bulgaria, Serbia, Bosnia-Herzegovina, and Montenegro.
Balkan Networks of Boiler Rooms and Payment Systems
Entities tied to Gal Barak, such as E&G Bulgaria, and networks like Uwe Lenhoff’s Veltyco, have long operated across the Balkan region. In mid-2017, the Veltyco Group, listed on the public exchange, established a Montenegrin subsidiary—Velmont MNE—to expand its PSP activities and boiler room network. This expansion was done in strategic cooperation with Gery Shalon, Vladislav Smirnov, and Barak himself.
Velmont MNE – The Veltyco Presence in Montenegro
One notable figure in this operation was Barak’s associate Kfir, who was heavily involved in running the boiler rooms throughout the Balkans. Previously, the Scam-or Project reported on My Markets doo, a Serbian-based entity affiliated with E&G Bulgaria, which oversaw numerous boiler rooms across Serbia, Bosnia-Herzegovina, and Montenegro. Among these was ARC Solutions d.o.o. in Sarajevo.
Links to Atlas Banka and Emergence of Illegal PSPs
In Montenegro, the collapse of Atlas Banka—linked to money laundering activity estimated at over €500 million—also exposed the rise of unregulated PSPs such as Global Payment Solutions (Podgorica). This entity was closely tied to Gal Barak and Uwe Lenhoff, each holding 25% of the company. Initially, the remaining 50% was owned by local partners, who soon exited the venture once the illicit nature of the operation became clear.
VCapital doo Podgorica – Under Scrutiny
Alongside Global Payment Solutions, the Scam-or Project identified another key player: VCapital doo Podgorica. According to whistleblower reports and victim testimonials, this company played a critical role in processing payments for various illegal broker brands, including:
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Stox Market
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Gallant Finance
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Interactive Banc
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Finix Capital
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Forex Point (4xPoint)
The Scam-or Project has obtained payment transaction data from affected users, allowing for a comparative analysis across multiple fraudulent schemes. Preliminary findings suggest interlinked networks and shared management figures among these platforms.
Ongoing Investigation and Community Assistance
Investigators believe that additional information from victims or former insiders could help complete the puzzle. The ultimate aim is to dismantle these networks and hold those responsible accountable. Public collaboration plays an essential role in these efforts.
Call to Action: Submit Information to the Scam-or Project
If you have relevant data about VCapital doo Podgorica or any associated broker operations, please consider sharing it with the Scam-or Project through the confidential whistleblower system. Your contribution can assist in tracking down key players behind these fraudulent PSPs and making the digital financial space safer for everyone.