The Payvision Case: Tracing the Money Trail from Victims to Scammers

Overview: Payvision’s Role in Broker Fraud Networks

This article continues our deep dive into the Payvision story. In Part I, we outlined the key facts: Payvision, an Amsterdam-based financial services provider led by CEO Rudolf Booker, played a significant role in processing payments for major broker scams connected to German national Uwe Lenhoff and Israeli partner Gal Barak.

In this second installment, we examine the flow of funds from defrauded investors to fraudulent operators through entities such as GPay Ltd and Rockarage Ltd, both controlled by Gal Barak. These companies supported illicit schemes including XTraderFX, SafeMarkets, Golden Markets, and CryptoPoint.

Legal Actions and the Hunt for Missing Millions

Authorities across Europe launched multi-jurisdictional investigations in response to widespread complaints. These efforts led to:

• Uwe Lenhoff’s arrest in early 2019 in Austria. He was later extradited to Germany and faces charges of financial crime, money laundering, and fraud.

• An EU arrest warrant issued for Gal Barak, who was detained in Sofia before being placed under house arrest for alleged health concerns.

Despite strong evidence, investigators have yet to recover the bulk of the misappropriated investor funds. Austrian authorities, leading the inquiry, are actively pursuing Barak’s extradition in an attempt to unravel the full scope of the operation and locate the stolen money.

Payvision’s Involvement: Commissions and Transactions

Payvision, licensed in the Netherlands, is alleged to have served as a payment gateway for multiple scam operations connected to Lenhoff and Barak. These include:

• Option888

• Xmarkets

• TradoVest

• XTraderFX

• SafeMarkets

• Golden Markets

According to documents and statements reviewed, Lenhoff acted as a Payvision reseller and referred several fraudulent broker clients to the platform. It is alleged that Rudolf Booker, Payvision’s CEO, encouraged Lenhoff to retain Gal Barak as a customer due to his large transaction volumes.

In return for processing millions in stolen investor funds, Payvision reportedly received substantial commissions. According to former business partners, estimated losses from Barak’s operations exceed €200 million.

Flow of Funds: From Payvision to Bulgaria

Documentary evidence reveals that investor credit card deposits processed via Payvision were directed to bank accounts in Bulgaria, specifically with Investbank. The recipients included:

• GPay Ltd – registered with its own Merchant ID (MID)

• Rockarage Ltd – an offshore company based in the Marshall Islands

Barak and his partner Marina Andreeva had direct access to these accounts. From there, funds were distributed to various entities involved in the scams, such as:

• Boiler room operators

• Marketing affiliates

• Lead generation vendors

• Legal representatives

Additionally, substantial portions of these funds were diverted to the personal accounts of Barak and Andreeva, and moved through shell companies in Hong Kong and legal intermediaries in Israel.

Money Flow Summary Table

Why Gal Barak’s Extradition Matters

Given the gravity and complexity of the case, Austrian prosecutors emphasize the urgent need for Gal Barak’s extradition. Questioning him is critical for:

• Clarifying the structure and leadership of the scam network

• Determining the role of Payvision in enabling these operations

• Tracing the ultimate destination of the stolen investor funds

Tens of thousands of defrauded victims are still waiting for answers and potential restitution. Uncovering the full financial trail and understanding who benefited remains a key goal of the ongoing international investigations.

Looking Ahead

Upcoming reports will further explore the relationships between Gal Barak, Payvision, and other actors involved in this international broker fraud network. The documentation suggests that Payvision was not merely a passive processor, but a recurring facilitator in schemes that moved hundreds of millions of euros from retail investors to offshore beneficiaries.