The Story of Veltyco, Bet90 Holdings and Lenhoff unfolds

The Reverse Takeover in 2016

In the summer of 2016, the Veltyco Group PLC was founded in the course of a reverse takeover (RTO) by the German Uwe Lenhoff with his partner, the Dutchman Dirk Jan “DJ” Bakker, and other friends. In the RTO, Lenhoff and Bakker’s Sheltyco Enterprises Group acquired the majority of shares in the then-public-listed Velox3 PLC, which was listed on the London AIM and was actually broke and needed a solution. In the course of the RTO Velox3 was renamed Veltyco Group PLC. As a result, the company of Lenhoff and Bakker was listed on the stock exchange. A big step for a dark grey and black company that was focused on online gambling and broker scams. And by the way on massive money laundering. Veltyco’s CFO Marcel Noordeloos was already involved in the Velox3. The Veltyco, so Lenhoff told his friends, should be the official and listed figurehead of his group. With it, one could launder money and become rich through shares. That was in summer 2016.

Veltyco founder Uwe Lenhoff arrested

In January 2019 Uwe Lenhoff was arrested in Austria after more than a year of investigations by various law enforcement agencies in different jurisdictional regimes. The arrest happened when he had just another stay at his favorite (luxury) hotel in Tyrol. He was on his way from the hotel with his Bentley when the law enforcement action took place. A seemingly harmless traffic control led to his immediate arrest. After a few months in Austrian custody, Lenhoff was extradited to Germany in autumn 2019. There he and other persons are to be charged with the formation of a criminal organization and serious commercial fraud.

Not-knowing and renaming

Understandably, the business partners at least officially distance themselves from Lenhoff. His investor and friend Dirk Jan Bakker officially distances himself. Other partners do the same. One of the biggest shareholders of the Veltyco Group, an Israeli who is also under investigation, strongly incriminates Lenhoff.

It is, therefore, no surprise that the Veltyco managers around the chairman Paul Duffon and shareholders have decided to rename the company Bet90 Holdings PLC. However, the fact is that Lenhoff remains the largest shareholder through its Cypriot trustee Centaur Fiduciaries (Cyprus) Limited and ULEN HOLDINGS LTD. It will be interesting to see the outcome of this gigantic criminal case. Surprises are not excluded. Especially not for Bet90 Holdings PLC.