It is no longer news to FinTelegram readers that Dutch law enforcement authorities are investigating Payvision for money laundering and violations of financial laws following a complaint filed by the financial markets authority. Now Bloomberg Law has also carried a report on the matter. According to insiders, the criminal case surrounding ING‘s disgraced fintech subsidiary Payvision is unlikely to be dropped. On the contrary! Payvision may be called ING‘s biggest disgrace ever.
Founded by Rudolf Booker in 2002, Payvision was heavily involved as a facilitating payment processor for broker scams between 2015 and 2019, criminal files prove. Among others, at least €130 million were processed for the binary options scams of Uwe Lenhoff and Gal Barak. This was money that victims deposited and lost to the various scams via Payvision. In 2018, ING acquired Payvision from Booker and his co-shareholders for an estimated €400 million. The then ING CEO Ralph Hamers has been proud of this fintech acquisition.
In October 2021, ING announced that Payvision would be faced out. At this time, Hamers has already been appointed CEO of Swiss UBS Group to become the best-paid banking CEO in Europe.
The criminal files available to FinTelegram show that Booker had close contact with Uwe Lenhoff and was even acquainted with him privately. The files also show that Booker helped convicted investment fraudster Gal Barak create the offshore constructions so that money stolen from consumers could be laundered.
The European Fund Recovery Initiative (EFRI) has coordinated lawsuits by victims against Payvision in recent years. For this, EFRI principal Elfriede Sixt has been subject to SLAPP attacks by Payvision and its lawyers. ING has done nothing to clear Payvision‘s dark past but evidently turned a blind eye to the case. Now the criminal case has finally reached ING. In the last published financial statements, ING had to disclose that criminal investigations are ongoing. We will probably read about this more often.
If you have any information about ING, Payvision, and their activities, please let us know through our whistleblower system, Whistle42.