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Tag: PPRO Financial

March 9, 2023

Breaking: Deutsche Handelsbank Fined With €1 Million For Money Laundering Issues!

Deutsche Handelsbank has been the subject of our reports concerning scam facilitation and money laundering several times in recent years. The European Fund Recovery Initiative (EFRI) filed money laundering charges against Deutsche Handelsbank in 2020. Now the investigation by the German prosecutor's office has been ended. A penalty notice was issued, and the bank was ordered to pay a fine of €1 million. Although it is a high fine for such a small bank, EFRI principal Elfriede Sixt is not yet satisfied!

January 20, 2021

Check this out – German PPRO Group gets $180M at $1B+ valuation

Germany has a new FinTech. FCA-regulated PPRO Financial is controlled by the German PPRO Holding GmbH and has affiliated companies in Europe, Asia, North and South America. Today, the company announced that it had received a total of $180 million in fresh money from investors based on a valuation of more than $1 billion. With this, PPRO joins the club of FinTech unicorns. However, in the past, PPRO has also attracted attention for supporting broker scams with its payment services.

December 9, 2020

Money-laundering complaint filed against Deutsche Handelsbank and PPRO Group

Since its inception in 2018, the NGO European Fund Recovery Initiative (EFRI) has filed several crucial money-laundering complaints against banks and payment processors with the competent authorities in various jurisdictions. Without the intentional or negligent facilitation by these institutions, investment fraud and scams would not be possible in the first place. EFRI has now filed a money laundering complaint against Deutsche Handelsbank and the PPRO Group along with extensive evidence.

December 9, 2020

Money-laundering complaint filed against Deutsche Handelsbank and PPRO Group

EFRI has filed several crucial money-laundering complaints against banks and payment processors with the competent authorities in various jurisdictions. Without the intentional or negligent facilitation of these institutions, investment fraud by scammers would not be possible in the first place. EFRI has now filed a money laundering complaint against Deutsche Handelsbank and the PPRO Group along with extensive evidence.

December 1, 2020

PPRO Group and its involvement in vast scam operations

PPRO Group consists of PPRO Financial Limited (www.ppro.com), an e-money institution (EMI) regulated by the UK FCA and several other entities in different jurisdictions including South America and Asia. The German PPRO Holding GmbH is the controlling entity. Philipp Nieland, a German citizen, is a director in both companies. The FCA-regulated PPRO Financial has a bank account with the BaFin-regulated Deutsche Handelsbank and through these accounts, it processes payments from scam customers and their victims.

November 25, 2020

Finally! BaFin orders Deutsche Handelsbank to implement appropriate AML procedures

Deutsche Handelsbank has appeared as a payment processor in many binary options and broker scams. Moreover, the BaFin-regulated institution is a correspondent bank and partner of other regulated payment processors such as MoneyNetint, which also support scams. EFRI has filed a corresponding complaint to BaFin. The German regulator has now officially ordered Deutsche Handelsbank to implement appropriate AML measures to prevent money laundering and terrorist financing.

January 22, 2019

PPRO Financial – Another Payment Services Provider Facilitating Online Fraud

FinTelegram currently focuses on the exposure of questionable and negligent payment service providers. It is these payment service providers (PSP) that facilitate online fraud possible in the first place. Negligent regulated payment service providers such as Payvision or non-registered payment service providers such as Praxis Pay or Entropay are supporting perpetrators of online investor fraud. As the German PPRO Financial.

Compliance Report: Sergey Mendeleev, Garantex, and Exved – The Rising Role of Crypto in Russia’s Sanctions Evasion Strategy

Sergey Mendeleev, a prominent figure in Russia's cryptocurrency scene, has played a central role in the establishment and operation of two key platforms—Garantex and Exved. These platforms have been instrumental in facilitating cross-border payments and crypto transactions, potentially serving as important tools for Russia’s sanctions evasion strategy. Mendeleev's growing influence in this space, coupled with Russia's evolving regulatory framework, positions him as a key player in Russia.

Russia’s New Crypto Strategy for Sanctions Evasion

Russia’s new crypto laws, allowing mining and international payments in digital currencies, are part of a broader strategy to evade Western sanctions and reduce dependence on the U.S. dollar. This move, led by the Central Bank of Russia (CBR), opens up new compliance risks for global financial institutions dealing with Russian entities. The new laws are set to take effect in September for cross-border payments and in November for crypto mining.

Secretive Cyprus Funds Used to Obscure Megayachts and Real Estate Linked to Sanctioned Russian Banker

A recent OCCRP investigation revealed that Cyprus-registered RAIFs were used to hide megayachts and real estate linked to sanctioned Russian banker Andrei Kostin. These secretive funds, managed by Inveqo, allowed clients to avoid disclosing their ownership, raising concerns about the effectiveness of sanctions and regulatory enforcement. The case highlights the challenges of ensuring transparency and preventing financial crime in the global investment landscape.

First-Ever Crypto Seizure in Scotland Under New UK Law

Crypto has undoubtedly become mainstream, particularly in the cybercrime sphere. In a first for Scottish law enforcement, £110,000 in cryptocurrency has been confiscated from John Ross Rennie following a violent robbery. Under new UK rules, police can now seize crypto assets without needing to make an arrest, highlighting a growing focus on tackling digital crime as incidents involving cryptocurrency continue to rise.

Former Lebanon Central Bank Governor Riad Salameh Charged with Financial Crimes

It was a long-expected move. The powerful former Lebanon Central Bank Governor Riad Salameh has been arrested and charged with embezzling $42 million in public funds, part of a broader $110 million fraud case. His detention comes amid ongoing domestic and international investigations into financial misconduct during his controversial three-decade tenure. In 2022, the European Union Agency for Criminal Justice Cooperation (Eurojust) froze assets worth €120 million tied to Salame.