The European Funds Recovery Initiative (EFRI) is seeking €7 million in restitution for victims of boiler room scams which were processed by ING-owned Payvision, a company the Viennese not-for-profit brands as the "Netherlands Wirecard".
Billing Payvision as a "huge payment service provider for the scamming industry" the EFRI has produced a stack of documents from legal proceedings against boiler room operatives that appear to show close links to former Payvision CEO Rudolph Booker.
The EFRI alleges that prior to its acquisition by ING, Payvision knowingly processed £131 million pounds in payments that were generated from investment scams. ING terminated it contracts with the fraudulent brands identified by the EFRI in December 2018.
The campaigning group is seeking restitution on behalf of 232 European investors who collectively lost €75 million to the scammers. The EFRI has written to Payvision demanding more than €7 million in compensation, representing the fees the firm charged for processing the fraudulent payments.
It has also filed a money laundering complaint to the Dutch central bank.
"In our opinion Payvision is Netherland´s Wirecard - a company helping scammers in big style fraud," states the claim.
ING says it is aware of the allegations and will not comment on a case that is undergoing legal merit assessments.
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