The European Funds Recovery Initiative (EFRI), co-founded by FinTelegram, has recently filed scams against MoneyNetInt and Moorwand Ltd (operators of the UPayCard platform until April 2019) due to the many reports of victims of various binary options. The suspicion is of enabling and facilitating investment fraud and money laundering. Without the involvement of payment service providers (PSP), the gigantic fraud of retail investors with binary options scam would not have been possible. The UK FCA has confirmed that it is investigating these companies and the scams.
At this point, it should be noted that the companies of Alain Bazille – Moorwand Ltd and UPC Consulting Ltd – are being investigated in several countries. These companies are also directly linked to the Danish KBH Andelskasse scandal and the corresponding money laundering investigations.
The EFRI initiative has already reported other payment service providers from Germany, the Netherlands, Israel or Lithuania to the relevant authorities. The auditors and lawyers involved have evaluated the documents submitted by the customer victims of the various binary options scams as well as the information provided by whistleblowers to FinTelegram.