The Lenhoff-Barak Network and the Montenegrin Money Trail

Unraveling Cross-Border Financial Operations from Montenegro to Bulgaria

A Widening Web of Financial Crimes

The sprawling financial operations of Uwe Lenhoff and Gal Barak, two central figures in a multi-jurisdictional cybercrime network, appear even larger than previously revealed. The Central Bank of Montenegro (CBCG) initiated bankruptcy proceedings against Atlas Bank in April 2019, following administrative control imposed in December 2018. This bank, controlled by Montenegrin tycoon Dusko Knezevic, played a significant role in enabling illicit financial flows linked to the Lenhoff-Barak operation.

Key Allegations:

• Atlas Bank is suspected of laundering more than €500 million.

• Knezevic, now in exile, has filed charges against high-ranking Montenegrin officials, including President Milo Djukanovic.

• Atlas Bank and others—Nova Banka and Hipotekarna Banka—have been implicated in illegal financial activities benefiting Lenhoff and Barak.

• Entities such as Global Payment Solutions Podgorica and Global Media Partners EOOD, owned by Gal Barak, were instrumental in these operations.

Organizational Structure: Dual Tracks of Fraud

According to data reviewed by Scam-or Project and ongoing investigations, Lenhoff and Barak maintained parallel criminal networks with overlapping infrastructure:

Despite their distinct domains, both worked jointly in areas such as payment processing, boiler rooms, and money laundering. Starting in 2016, the duo expanded their reach to Serbia, Montenegro, and Bosnia, targeting EU investors from non-EU soil with the help of local collaborators.

Global Payment Solutions Podgorica (GPS): The Payment Engine

Together with Montenegrin partners, Barak and Lenhoff founded GPS DOO Podgorica as a payment service provider. Their ownership structure:

• Uwe Lenhoff – 25%

• Gal Barak – 25%

• Local Business Partners – 50%

Operational control was delegated to Amit Hulin, an Israeli associate of Barak, who managed transactions through Atlas Bank—later revealed to be deeply involved in laundering massive funds. GPS accounts were used to redirect stolen client funds from broker scams such as Option888 and OptionStarsGlobal, and even third-party scams like Capital Trust Investment.

Services Provided by GPS:

• Payment facilitation for binary options scams

• Back-end processing and laundering of stolen investor funds

• White-label “turnkey” packages (software, domains, PSP, hosting)

Follow the Flow: Where the Money Went

Stolen funds passed through GPS to various entities, including:

• Silkline Group (Kosovo)

• Global Tacticall s.r.o. (Czech Republic)

• Global Media Partners EOOD (Bulgaria)

Boiler rooms with hundreds of employees across these regions engaged in aggressive “retention” and “conversion” practices, targeting European investors under false pretenses.

VEmarkets – A Montenegrin Offshoot?

Scam-or Project also discovered that the network considered launching a regulated trading brand — VEmarkets — using GPS’s local infrastructure and client data harvested from Option888. The brand was later taken over by Floris Pieter Bartel Waals.

The Collapse: Fallout in the Balkans

Though Lenhoff and Barak aimed to secure a licensed financial foothold in Montenegro, things fell apart by late 2017. Their local partners allegedly uncovered the fraudulent nature of the operations and accused them of embezzling millions from their joint ventures. Consequently, both were expelled from the region and have been considered persona non grata ever since.

The Threats and Aftermath

According to multiple sources, Lenhoff and Barak resorted to threats—including alleged assassination attempts—against those who stood in their way. These claims are supported by:

• Leaked internal documents

• Affidavits from former employees

• First-hand witness interviews

Conclusion: A European Financial Hydra

The GPS operation demonstrates how Barak and Lenhoff built an industrial-scale ecosystem of fraud using a mix of shadow banking, boiler rooms, and partnerships with compromised institutions like Atlas Bank. The authorities continue to trace the funds and uncover the remaining layers of this web.