Veltyco-Lenhoff Investigation: German ‘Tagesschau’ Reveals Scale of Fraud and Its Victims

Overview of an Expanding Cybercrime Network

The unfolding case of Uwe Lenhoff, his publicly traded company Veltyco Group PLC, and the associated network of fraudulent trading platforms continues to attract international attention. Authorities across Europe are actively analyzing more than 5 terabytes of digital evidence seized during 35 coordinated raids in multiple countries.

Lenhoff has been identified as a key figure behind several illegal broker platforms, including:

• Option888

• XMarkets

• TradoVest

• TradeInvest90

Investigations suggest that tens of thousands of retail investors, particularly in Germany, have lost substantial amounts—some estimates put the total damages in excess of €200 million.

Key Case Figures (as of mid-2019):

Arrest and Extradition of Uwe Lenhoff

Lenhoff was arrested in February 2019 near his Austrian residence after more than a year of investigation. Prior to his detention, he had been living between a luxury hotel in Tyrol and a residence in Saint-Tropez. Following his arrest, he was extradited to Germany in July 2019. According to law enforcement, the number of suspects has increased significantly since the investigation began.

German National Media Exposes Full Scope

In a detailed report published on July 3, 2019, Tagesschau, Germany’s national broadcaster, shed light on the true scale of the network allegedly led by Lenhoff. According to the report:

• More than 200,000 Germans may have been targeted.

• Platforms operated by Lenhoff include Option888, XMarkets, TradoVest, TradeInvest90, and ZoomTrader.

• In the city of Saarbrücken alone, over 230 criminal complaints were filed.

• Average losses per victim reportedly exceeded €40,000, potentially pushing the overall damage into hundreds of millions of euros.

Victim Tragedies and Recovery Efforts

In interviews cited by Tagesschau, multiple victims recounted devastating losses:

• Families who lost their entire savings

• Pensioners wiped out of retirement funds

• Cases of extreme despair, including reported suicides

Scam-or Project notes that such emotional and financial devastation was echoed across jurisdictions, as the fraud reached thousands of individuals through misleading sales tactics and aggressive boiler room campaigns.

Veltyco’s Involvement and Corporate Responsibility

As previously reported by Scam-or Project, the role of Veltyco Group PLC in the ecosystem was more than incidental. Evidence suggests the company was an integral component in:

• Facilitating investor acquisition through so-called marketing contracts

• Channeling funds from victims via affiliated platforms

• Structuring legal entities to disguise illicit flows

Internal documents reviewed by authorities indicate that Veltyco’s board members were aware of the unlawful nature of Lenhoff’s operations and may have participated knowingly.

Example:

In 2016, during a recorded conversation with an Austrian associate in Singapore, Lenhoff discussed handling up to €3 billion annually in payment volume through platform deals—offering up to €300 million in commissions to potential collaborators.

Payment Processors Under Scrutiny: Payvision

Lenhoff reportedly worked closely with Payvision, a regulated payment service provider based in the Netherlands. According to internal statements and financial records reviewed by Scam-or Project, Payvision:

• Processed transactions for Lenhoff’s and Barak’s platforms

• Maintained relationships with the operation even after regulatory warnings

• Transferred millions on behalf of unlicensed brokers

Payvision’s CEO Rudolf Booker has been named in multiple complaints for allegedly continuing to support fraudulent schemes. Documents show that Know Your Customer (KYC) and AML procedures were bypassed or ignored despite red flags.

The Barak Connection

Israeli national Gal Barak, Lenhoff’s key partner, was also arrested in Sofia, Bulgaria, in early 2019. He was later placed under house arrest for reported health reasons. Barak’s firm, E&G Bulgaria, operated some of the same platforms under investigation, and his name appears in numerous financial and operational documents obtained during the raids.

Legal Consequences Ahead

With multiple arrests, terabytes of evidence, and testimonies from both victims and insiders, the Veltyco-Lenhoff case is positioned to become one of the largest cyberfraud prosecutions in Europe. Legal responsibility may eventually be extended to:

• Veltyco board members

• Major shareholders

• Payment service providers like Payvision

• Additional unidentified figures in the broader network

As new revelations surface, Scam-or Project will continue to monitor the legal proceedings, uncover financial trails, and spotlight those responsible for this widespread financial harm.