Tag: Skylas

A Lithuanian law firm representing a Bulgarian and a Portuguese company in disputes with the regulated Lithuanian high-risk payment processor Trustcom Financial UAB, which froze the funds of these companies. This case turned into a criminal investigation conducted by the Lithuanian authorities. They suspect money laundering in the amount of more than €1 million in the context of their clients, they say. Another report by Lithuanian online news site Delfi said the Lithuanian FNTT had fined the company €125,000 for money laundering.

Trustcom Financial has continuously appeared on our scam radar as a payment processor over the past few years. Scam operators have been directing deposits from their victims to Lithuanian companies with their bank accounts at Trustcom. While the Bank of Lithuania regulates Trustcom Financial UAB with authorization code LB000438, it is an Italian venture controlled by Michele Scognamiglio. The close relationship with the Georgian tax advisor Business Service Distribution LLC (BSD) is of utmost interest. We want to know more about the Trustcom group and BSD.

Over the last few weeks, we have increasingly discovered and reported Jubiter as a scam-facilitating payment processor. A victim of Swiss Capital Bank (www.swisscbank.com) has reported that she also made deposits via Jubiter operated by the licensed Slovakian Global DLT Exchange; lost her money. In addition to Jubiter, victims can also make bank deposits to the Dutch Select Enterprises B.V., which has its respective bank account with the regulated Lithuanian e-money institution Trustcom Financial UAB.

Time and again! Recently, brought a Request 4 Information (R4I) regarding the regulated Lithuanian e-Money Institution Epayblock. This payment processor has been exposed as a partner of illegal payment processors such as Skylas, Merelita, Ristema, or BDIKA, which are involved in broker scams. These companies launder money through their bank accounts at Epayblock. Today, we discovered the Hungarian Dot Systems KFT, another illegal payment processor being a client of Epayblock.

We brought a Request 4 Information (R4I) regarding Epayblock a few days ago because we want to know more about the e-Money institution regulated by the Bank of Lithuania with authorization code LB001911. The reason for this R4I was that illegal Lithuanian payment providers such as Skylas, Merelita, or Ristema are involved in currently active broker scams. These companies launder money through their bank accounts at Epayblock. Upon our R4I, we received the information that two top managers had already left the company several months ago.

Amid the hype of binary options, CFDs, and crypto trading, many FinTech entrepreneurs have picked up e-Money Institution licenses in Lithuania. Like Eyal Nachum with his Bruc Bond and International Fintech. Well, they lost the license and went to Singapore. However, MoneyNetint Group and its GlobalNetInt are still there; regulated! Most recently, Epayblock caught our attention because it is repeatedly involved in broker scams as a payment processor. We would like to know more about Epayblock.

In the last few weeks, we have noticed an increasing number of Lithuanian companies acting as illegal payment processors for scams and handling bank payments for their client-victims. The payments are made on the basis of fake invoices for alleged consulting services issued by these illegal payment processors. Recently we have uncovered Skylas UAB, Fuselma UAB, or Merelita UAB as such scam facilitators and money launderers. We urgently ask investors to be super-cautious before paying an unrelated Lithuanian company for fake services.