Tag: B2G

The case around the fraudulent binary options industry and its facilitating payment processors is still not closed. The illegal German payment processor B2G GmbH, operated by Rainer Treuer and Oleg Shvartsman, has been implicated in facilitating large-scale financial fraud. This report outlines the known details of their activities, the legal actions taken, and the unanswered questions surrounding their lack of prosecution.

FinTelegram has reported several times between 2018 and 2019 about illegally operating German payment processors that supported binary options and broker scams. Among these illegal German payment processors were P2P GmbH and B2G GmbH. EFRI filed money laundering charges against the two companies; German prosecutors subsequently filed charges and seized €2.5 million of P2P bank accounts in 2019 but, to date, failed to make restitution payments to victims. On the contrary, the millions will remain with the German state for a long time: a scandal but this time on the side of the German prosecutors and courts.

The trial against the ringleaders of the cybercrime organization E&G Bulgaria is currently underway in Munich, Germany. Gal Barak was already sentenced to four years in jail in Vienna in Sept 2020. Almost unnoticed, the preparation of charges against several ringleaders of the cybercrime organization around the late Uwe Lenhoff and the Veltyco Group is currently underway in Saarbrücken. Criminal records show that MoneyNetInt was massively involved in Lenhoff's money laundering.

Illegal payment processors are an essential element for cybercrime activities such as scams. Over the last few years, Germany has built a dark reputation in this regard. Numerous illegal payment processors such as B2G, TrustSecure, or P2P have laundered funds for dozens of scams. BaFin has now announced investigations against the illegally operating payment processor A-B Group a/k/a A-B Group Online. The company acquires home office workers with the purpose of opening bank accounts under their ID.

The public prosecutor's office in Cologne has filed charges against the responsible operators of the illegal payment processor P2P GmbH ("P2P"), which acted as a scam-facilitating payment processor for numerous major binary options and broker scams. Gal Barak's E&G Bulgaria criminal files show that P2P processes millions of victims of their various scams. With the P2P indictment, the Cologne prosecutor's office has charged the second illegal payment processor following a criminal complaint of EFRI. We reported about the B2G indictment recently.

To be exact, the prosecutors filed charges against the individuals behind the illegal payment processor B2G. We have reported extensively in recent years about the Cologne registered B2G GmbH and its principals, the German Rainer Treuer and former Russian secret agent Oleg Shvartsman. B2G was one of the very big notorious German laundromats and scam facilitators in the binary option era. Among others, they laundered money for Gal Barak and E&G Bulgaria and dozens of other scams.

Cybercrime organizations need fake companies for their business through which they can launder their illegally obtained funds. For example, the deposits of victims of scams are processed through these illegal payment processors. Many of them are German companies that are very popular among cybercriminals. These provide their bank accounts on illegal funds are laundered with false information. This week, BaFin issued a Cease and Desist Order against the two illegal payment processors, Widestep and WebMaster Solutions.

The illegal German payment processors are very popular among the worldwide scammer community. Companies like B2G of Rainer Treuer and his Russian partner Oleg Shvartsman have processed tens of millions of scammers like Gal Barak or Uwe Lenhoff and contributed to the fraud of tens of thousands of small investors. In October 2020, BaFin issued a Cease and Desist Order against the German Egramming, which allegedly facilitated the crypto scam Capital Coin Exchange, among others. The order is final now!

The Vienna Cybercrime Trials ("#VCT") have been an important step in the fight against scammers, cybercrime, and money laundering. The #VCT findings have also facilitated investigations and prosecutions in other jurisdictions and other scam cases. The first arrests in connection with the #VCT were made by EU arrest warrants issued by Austrian authorities. Thanks to the help of whistleblowers and FinTelegram. Now, leading EU investigative media like SZ report about the "Fall of the Wolf."

The German regulator has issued a Cease and Desist Order against the illegal payment processor Global Data Conduct GmbH, a company registered in Cologne, Germany. This German company at least acted as facilitator for the broker Scam TradesFX, received bank transfers from client victims and forwarded them to the scammers. The sole managing director of the company is Anatolijs Dedenko, who lives in Düsseldorf.

Germany is something of a strategic base for international cybercrime and money laundering. It has been known not only since the collapse of the former FinTech star Wirecard that Germany makes considerable contributions to the prosperity of the international cybercrime and scammer scene. Dozens of illegal German payment processors like B2G, TrustSecure, or StronIT are facilitating scams in plain sight of law enforcement. The German software company AnyDesk Software GmbH provides a highly efficient remote access software to empower fraudulent boiler room agents.

Germany is something of a strategic base for international cybercrime and money laundering. It has been known not only since the collapse of the former FinTech star Wirecard that Germany makes considerable contributions to the prosperity of the international cybercrime and scammer scene. Dozens of illegal German payment processors like B2G, TrustSecure, or StronIT are facilitating scams in plain sight of law enforcement. The German software company AnyDesk Software GmbH provides a highly efficient remote access software to empower fraudulent boiler room agents.