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Unveiling Veltyco: A Complex Web of Cybercrime, Financial Intrigue, and Legal Battles!

Veltyco and Uwe Lenhoff laundered money via MoneyNetInt
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In our forthcoming Veltyco Case report series, we are committed to illuminating the intricate details of this no longer cold case. Established as a holding company, Veltyco Group PLC (now Bet90 Holdings PLC) served as the operational base for the extensive cybercrime activities orchestrated by Uwe Lenhoff and his expansive network. Veltyco and Lenhoff have been powered by the money of Amsterdam-based real estate investor Dirk-Jan Bakker. In 2015, Bakker extended a loan of €1 million to Lenhoff, facilitating the purchase of a villa in Istanbul.

About the Veltyco Mission and Beneficial Owners

Dirk-Jan Bakker was an director of Sheltyco Enterprises Group

Veltyco was primarily established as a marketing conduit tasked with the acquisition of customers for affiliated schemes in gambling, lottery, and online trading, earning commissions in return. These operations were conducted through a network of companies situated in various offshore jurisdictions alongside Bulgaria and the Balkans, revealing a labyrinth of corporate structures designed to obfuscate the true nature of their activities. Furthermore, Veltyco fostered connections with criminal organizations based in Israel and Serbia, adding a layer of complicity and international intrigue.

At the beginning of the Veltyco journey, Bakker was also a 40% shareholder and director of the Sheltyco Enterprises Group, as can be seen from various minutes that can also be found in the criminal file. Bakker had Lenhoff give him a further 15% of the Sheltyco shares as security for the €1 million loan. This meant that Bakker was the determining and controlling person of Sheltyco and later Veltyco via various companies.

The leadership of Veltyco comprised Uwe Lenhoff, his trusted associate Hans Dahlgren, and Marcel Noordeloos, a Dutch national and financial expert with long-standing professional ties to Bakker. Notably, Noordeloos, serving as the head of finance, was implicated in the more contentious operations of Veltyco, effectively executing the “dirty work” that facilitated the company’s questionable ventures.

The ethical and legal quagmire surrounding Veltyco became evident shortly after its inception. The company’s primary mode of profit was identified as procuring victims for fraudulent schemes, such as Option888, ZoomTraderGlobal, TradoVest, XMarkets, and LottoPalace, through which illicit gains were amassed.

The Melissa Blau Case

Melissa Blau former Veltyco CEO

In his legal complaints and public statements, Dirk-Jan Bakker has sought to minimize his association with Lenhoff and profess ignorance regarding the operational malfeasance of Veltyco. Contrary to Bakker’s assertions, Lenhoff’s declarations to investigative authorities painted a different picture, indicating Bakker’s involvement in strategic decisions, including the engagement of short-term CEO Melissa Blau. Blau’s subsequent resignation and corroboration of FinTelegram’s reports further underscore the legitimacy of the concerns regarding Veltyco‘s operations.

It will be interesting to see what Melissa Blau will say to Bakker during the court proceedings.

Dirk-Jan Bakker provides a loan to Uwe Lenhoff with shares of Sheltyco as a security

The intricate financial dealings between Bakker and Lenhoff, exemplified by a €1 million loan for a real estate purchase in Istanbu provided via Bakker’s Diman B.V., secured with a 15% share in Sheltyco, reveal the depth of their partnership and the financial entanglements that bypassed disclosure in the stock exchange prospectus—a significant oversight by both parties.

Following Lenhoff’s arrest, Bakker’s participation in the criminal proceedings as a private party and the unresolved loan balance highlights the unresolved financial disputes amidst the backdrop of Lenhoff’s untimely and mysterious death in custody.

Download Bakker’s criminal complaint and loan agreement.

The Israeli Non-Executive Director

The appointment of Ilan Tzorya as a director of Veltyco in 2017, later identified and sentenced as a principal of a cybercrime organization, further cements the company’s entanglement in nefarious activities. This connection, coupled with the operational and financial intricacies previously outlined, paints a comprehensive picture of Veltyco’s involvement in cybercrime, underscoring the need for thorough investigation and accountability.

As with Melissa Blau, Bakker also had contact with Tzorya before his appointment. Bakker forgets to mention this in his report to the criminal authorities. Bakker also forgets to mention that he provided Lenhoff with a private jet and his yacht for his private and business trips. That’s how close the relationship was. All this while financial market supervisory authorities were already warning about the scams from the Veltyco Group.

It will be interesting to see what Ilan Tzorya will say to Bakker during the court proceedings.

Reports and Whistleblower Information

We urge individuals with insider knowledge or information pertaining to the Veltyco case to come forward. Your contributions can provide invaluable assistance in unraveling the complexities of this case, aiding in the pursuit of justice for victims and the recovery of lost funds. Please contact us through our whistleblowing system, Whistle42, to share any relevant information.

The inception of Veltyco in 2016 was spearheaded by Dirk-Jan Bakker and Lenhoff, emerging from a reverse takeover of Sheltyco Enterprises Group Ltd—a venture where Bakker held a directorial position.

Highlighting the depth of their partnership, in 2015, Bakker extended a loan of €1 million to Lenhoff, facilitating the purchase of a villa in Istanbul. This financial maneuver underscores the intertwined financial and operational dynamics between Bakker and Lenhoff, setting the stage for the complex investigations that would follow.

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