The Great Disappearance of illegal payment service providers and their operators continues. It started after FinTelegram’s report about the UPayCard platform of FCA-registered Moorwand Ltd. Shortly after the report was published, Moorwand Ltd. moved the UPayCard to PAP Onpoint Services Ltd. registered in Cyprus. Shortly after FinTelegram’s report on the illegal payment processor UPC Consulting Ltd registered in the UK, UPC Consulting Ltd also applied for a strike-off at UK Companies House. FinTelegram objected to this planned strike-off at the UK Companies House and the cancellation was subsequently suspended. Now, the notorious Australian Vladislav Kogan disappeared from the illegal European payment scene.
UPayCard, UPC Consulting, and Moorwand, as well as, dozens of other companies across Europe were facilitated dozens of illegal and fraudulent broker scams as payment processors. Hundreds of millions of Euros have been laundered via those illegal payment companies.
XTrabit – One of the worst payment facilitators vanished
Now another bad actor has disappeared. The Russian-born Australian Vladislav Kogan was the founder and operator of the illegal payment service provider XTrabit s.r.o. in Prague, Czech Republic. Investigations against Kogan and XTrabit by law enforcement agencies in at least three EU jurisdictions have been pending since 2017. Probably even more.
XTrabit processed the victims’ bank payments for illegal and fraudulent online platforms such as Option888, XMarkets or TradoVest for the alleged German fraudster Uwe Lenhoff and his Veltyco, as well as, for Tradologic Solutions, SafeMarkets or XTraderFX from victims of scams of the alleged Israeli Gal Barak. The funds stolen by the retail investors were forwarded to Lenhoff’s offshore companies such as Fendrino Ltd or Gal Barak‘s New Markets S.A. Xtrabit also transferred stolen funds to Lenhoff’s UK registered Hithcliff Ltd.
The bank statements of XTrabit show that the illegal payment processor also transferred a lot of money to the Israeli Payment Services Provider (PSP) MoneyNetInt Ltd, also registered by the FCA. MoneyNetInt for its part was also involved in dozens of large scams as PSP.
Gone Baby Gone – Vladislav “Vlad” Kogan disappeared
Since the end of December 2019, Vladislav “Vlad” Kogan followed UPayCard, UPC Consulting and also disappeared as a shareholder and director from XTrabit s.r.o. The new sole shareholder is a certain Next Technologies a.s. in Prague. Maybe Vladislav “Vlad” Kogan relocated himself back to Australia, where he is certainly not welcome because of numerous Forex scams. Or maybe he went back to his old home country Russia. There, as is well known, one is safe from access by western authorities.