The Veltyco Drama Unfolds: Unpaid Debts, Office Raids, and Legal Moves

£500,000 Raised Amidst Ongoing Financial and Legal Turmoil

Veltyco Group PLC announced that it has secured £500,000 through the placement of 3.3 million shares at 15 pence each, subscribed by current investors. The capital will be allocated for general operational needs and to pursue the recovery of significant outstanding receivables from entities associated with company founder Uwe Lenhoff. Additionally, the group revealed the resignation of non-executive director Gilles Ohana and the appointment of Paul Duffen as his replacement.

Lenhoff-Linked Entities Fail to Repay

In its official statement, Veltyco confirmed that no repayments have been made by Celestial Trading Limited or Altair Entertainment N.V., both of which are beneficially owned by Uwe Lenhoff. The total outstanding debt owed to the group stands at €9.3 million:

Despite initiating legal proceedings to reclaim these debts, Veltyco warned there is no assurance that the funds will be recovered in full—or at all.

“Given the above, the board is taking appropriate legal action… However, there can be no certainty that the group will be able to recover all, or any, of the monies,” the company stated.

A major Veltyco shareholder expressed surprise at learning of these developments solely through public disclosures.

Cologne Office Raided Over Binary Options Scheme

In early 2018, a German court authorized a police raid on the offices of B2G GmbH, the company behind Option888, a binary options site allegedly part of Veltyco’s operational web. Although Veltyco and Uwe Lenhoff failed to disclose the raid publicly, records indicate that Celestial Trading Limited and Altair Entertainment N.V. were the listed operators of Option888.

Veltyco, serving as the marketing partner, was instrumental in promoting the platform—raising serious questions about its complicity in the fraudulent operations. The nearly €10 million owed to Veltyco by Celestial and Altair may, in fact, be proceeds from these unlawful activities.

Police Action in Sofia Targets Veltyco Subsidiary

Further enforcement actions extended to Velty Bulgaria, a Veltyco subsidiary, where local authorities executed a search as part of investigations into the Option888 fraud. Internal documents indicate the raid was directly tied to evidence gathering related to the scheme allegedly orchestrated by Lenhoff and the Veltyco network.

While the full outcome of the Sofia raid remains unknown, a shareholder with stakes in Veltyco’s Bulgarian business confirmed ongoing probes by European enforcement bodies. He denied prior knowledge of Option888’s illicit nature and pledged full cooperation with investigators to assist victims.

The Bigger Picture: Binary Options and Cybercrime

Broker scams and the call centers (boiler rooms) that support them are central elements of a global cybercrime wave. Every year, these schemes defraud millions of investors, resulting in billions of euros in losses.

Examples of Broker Sites Often Reported:

• Tradeinvest90

• Option888

• XMarkets

• XTraderFX

• GToptions

• StoxMarket

• Bluetrading

• FXTrade777

• KayaFX

If you have been defrauded by any of these platforms, you are encouraged to report the activity through dedicated whistleblower systems or legal aid channels.