Money Laundering | FinTelegram News

Category: Money Laundering

April 16, 2021

Bet90 Holdings – Surviving its vast cybercrime legacy?

In 2016, Uwe Lenhoff, the alleged German head of a global cybercrime organization, celebrated the IPO of Veltyco Group PLC in London together with his partner, Amsterdam real estate investor Dirk-Jan Bakker. Veltyco was to become the cybercrime organization's white flagship and be used for money laundering. In January 2019, Lenhoff was arrested. In July 2020, he was found dead in his prison cell in Germany. Cause of death unknown. Consequently, Veltyco was renamed Bet90 Holdings and has now repositioned itself.

April 9, 2021

Wanted for restitution payments – Payment processor XTrabit and Vlad Kogan

For FinTelegram readers, it is certainly no secret that we are hunting scam-supporting payment processors. These payment processors are even worse than the scams themselves. Scams come and go while payment processors stay and support new scams all the time. They know the scammers and where the money goes. They facilitate these scammers in defrauding ever-new victims. One of these evil payment processors is Russian-born Australian Vladislav "Vlad" Kogan. He has laundered hundreds of millions for dozens of scams with his Czech registered Xtrabit s.r.o.

March 26, 2021

Follow the money – Global Markets scam proceeds laundered via GlobalNetInt

We have recently reported on the GlobalMarkets (a/k/a Glob Markets) broker scam, which has been highly active over the last few years but seems to be disappearing. The scam was operated under various domains by Cubic Services Ltd, Seychelles. Numerous regulators have warned against the scam and the operator since 2019. Despite these public warnings, how could the scam still steal customer funds? If you follow the money trail, you again end up with MoneyNetint Group (MNI) and its GlobalNetInt (GNI) in Lithuania.

March 20, 2021

Bravo! MFSA finally takes actions against scam-facilitating payment processor Paytah

And it does move! Finally, the MFSA is acting on the numerous complaints from aggrieved investors about regulated payment processor Phoenix Payments Limited d/b/a Paytah. As reported by FinTelegram, Paytah has knowingly and willingly supported various broker scams with its services. Many victims have lost their money as a result. EFRI, through its Maltese lawyer, has filed complaints with the MFSA and the authorities. Now the MFSA has announced that a Supervisory Action will be taken.

March 12, 2021

Breading News – high-risk payment processor OctaPay vanished with the client money

It's not really a surprise. On the contrary, industry insiders expected it. OctaPay, the high-risk payment processor launched just a few months ago, has disappeared with its high-risk clients' funds. Its websites are offline, as are LinkedIn profiles such as those of CEO Madhumita Singh. According to UK Companies House, she also resigned as a director of OctaPay Limited on March 11, 2021, and is no longer the beneficial owner. She is, however, still a director of PSP Technology Limited and PSP Network Limited.

March 6, 2021

The Insta Trading scam facilitated by BridgerPay and Zichain

Spanish CNMV has issued an investor warning against the Insta Trading scam allegedly operated by the Bulgarian Alcatel Group Ltd and/or Protiviti Group Ltd and/or Protiviti International EOOD are also involved as operators. These are fake companies. As payment processors, we have once again identified BridgerPay Cashier and, behind it, the crypto exchange Zichain OÜ and its Rashbe crypto service.

March 2, 2021

Investor Warning – Universal Markets broker scam facilitated by Praxis Cashier

When analyzing the scams against which the UK Financial Conduct Authority (FCA) issued an investor warning yesterday, two suspects stand out once again - Praxis Cashier as a payment gateway and St. Vincent and the Grenadines as the given address of the scam operating entities. This is also the case with Universal Markets (www.umarkets.io, www.umarketspro.com, or www.umarketspro.net). The scam is allegedly operated by Universal Services LLC and/or UM Media LLC.

March 2, 2021

The Ukraine-Lithuanian Finmax scams still active with Praxis Cashier and Spanish partners

Finmax scams have been active since at least 2016. Various regulators and review sites have already issued numerous investor warnings. Nevertheless, the scam is currently active with at least two websites FinmaxFX (www.finmaxfx.com) and FinmaxBO (www.finmaxbo.com). The two Ukrainians, Olena Vakulenko and Oleksandr Vakulenko, coordinate the scams through various legal entities in Lithuania, Vanuatu, Seychelles and St. Vincent and the Grenadines. To date, despite all scam warnings at FinmaxFX, Praxis Cashier with the Spanish Redsys and Comercial Global Payments as payment processor is active.

February 23, 2021

Investor warning against WAM Capital broker scam with BridgerPay and VivaWallet

CNVM issued an investor warning against the broker scam WAM Capital (www.wam-capital.co) allegedly operated by WAM-Capital Limited in New South Wales, Australia, and Gabioni Ltd. According to the website, the scam would be regulated by the Australian ASIC as a CFD provider. In fact, WAM Capital is acting as a fake of the public-listed Australian asset management firm Wilson Asset Management (WAM). The payment processor we discovered is Ran Cohen's BridgerPay and VivaWallet.

February 23, 2021

Spanish Watchdog CNMV warns against Russian crypto scam Deal Trade

The crypto hype is the new playground for scammers. This week, the Spanish regulator CNMV issued an investor warning against the Deal Trade scam (www.dealtrade.io) operated by the UK-registered Deal Trade Inc Ltd. As payment processors, we have identified Perfect Money and Payeer. However, the scam merchant is currently disabled on the latter. Investors should not get too greedy and lose their common sense.

February 23, 2021

Investor warning against Lollygag Partners with FXActive, FinoCapital, and FXCore scams

CNMV issued an investor warning against the broker scam FinoCaptial, allegedly run by Lollygag Partners Ltd registered in the Commonwealth of Dominica. The Lollygag Partners also operate the FXActiv and FXCore scam and probably more. As payment processors, we once again discovered the Russian Piastrix in all three scams, along with Perfect Money and the Piastrix Wallet. On one BTC wallet, we discovered BTC 1.5.

February 15, 2021

German-Ukrainian Capital Letter Scam Group and its payment facilitators

German Capital Letter group operatees scams such as BrightFinance, SolidInvest, GFXRoyal, STSRoyal, STSCrypto, or GFXFinance. Various European regulators such as the FCA, BaFin, or the FMA have already warned and issued Cease and Desist Orders over the last months. The Italian Consob has ordered a blackout of the sites. Some scams are still active. Now the UK FCA issued a new warning. Praxis Cashier is still facilitating the GFXRoyal scam along with the Estonian AnyCach OÜ (d/b/a any.money).