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Leupay blocked account

Discussion in 'Offshore Bank Accounts' started by David97255, May 15, 2018.

  1. David97255

    David97255 Sell Leupay&TW verified business account Mentor Group Entrepreneur

    Hi,

    I would like to set up an legal action against Leupay.
    We are already 5 companies with blocked money and since around 6 months already.
    They blocked account then send a mail with account termination and ask for new banking details to refunds the balance.
    We all have furnished everything and now we receive a mail to keep in touch with Malta court.
    We tried to check with Malta court and seems there are not updated about it.
    Now I m in touch with an international lawyer office because their structure are not very clear. So they are in UK with a new company, related in the past with Satabank, now with ipay in Bulgaria. We need to track them efficiency and to act.
    If you are in same case and want to join us it will be great.
    Regards
     
    diablo likes this.
  2. Martin Everson

    Martin Everson Offshore Consultant Business Angel

    Why did they block your account?

    I don't think Leupay has done this be accident and involved a Malta court (as you say). They must have a very good reason.
     
    Brutus likes this.
  3. nitehawk

    nitehawk Mentor Group Mentor Group

    I am in the process of opening an account there and interested in this. What niche are you in? Why did they freeze the accounts?
     
  4. David97255

    David97255 Sell Leupay&TW verified business account Mentor Group Entrepreneur

    @Martin Everson

    First of all I speak for 5 differents accounts ( business ).
    The dates are not the same for the 5.
    It's begin in November 2017 for the oldest. As usual they asked for documentation support ( invoices, proof of delivery , sales contracts... ) At this time the account was frozen. After this it was blocked. We called their support for days and same answers " we will update you asap " .
    Then myself and the 4 others received a mail saying , termination of services, leupay won't work with us anymore... Please send European banking details and we will make e-redemption money of your balance. We done it. I have let them a full week and then I called to ask what s happen.
    Answer was, we received your banking details we forwarded it to concerned department , you will receive an answer soon.
    A lot of time passed , I was tired of calling , hired a lawyer and sent a letter, they never took the postal letter with track. The lawyer has been hired for only one account mine.
    Since around 10 days they sent me an email. "We update you that for more information go to the Malta court"
    Honestly I thought finally I will got the answer to the question you asked . But no because they don't know about what we speak.
    So again my lawyer sent leupay a email asking for copy of the court file. They haven't answered.
    I wanted to make a short thread to group people that are in same case.
    But if need I got copy of all email conversations and can make a more related thread.
     
  5. Admin

    Admin Forum Moderator The Forum Cleaner

    sorry if I missed that, but what business are you into and how much volume did you put through them?
     
  6. David97255

    David97255 Sell Leupay&TW verified business account Mentor Group Entrepreneur

    @Martin Everson

    First of all I speak for 5 differents accounts ( business ).
    The dates are not the same for the 5.
    It's begin in November 2017 for the oldest. As usual they asked for documentation support ( invoices, proof of delivery , sales contracts... ) At this time the account was frozen. After this it was blocked. We called their support for days and same answers " we will update you asap " .
    Then myself and the 4 others received a mail saying , termination of services, leupay won't work with us anymore... Please send European banking details and we will make e-redemption money of your balance. We done it. I have let them a full week and then I called to ask what s happen.
    Answer was, we received your banking details we forwarded it to concerned department , you will receive an answer soon.
    A lot of time passed , I was tired of calling , hired a lawyer and sent a letter, they never took the postal letter with track. The lawyer has been hired for only one account mine.
    Since around 10 days they sent me an email. "We update you that for more information go to the Malta court"
    Honestly I thought finally I will got the answer to the question you asked . But no because they don't know about what we speak.
    So again my lawyer sent leupay a email asking for copy of the court file. They haven't answered.
    I wanted to make a short thread to group people that are in same case.
    B
     
  7. David97255

    David97255 Sell Leupay&TW verified business account Mentor Group Entrepreneur

    @Admin

    We are in what we call green products, it means solar panel, or products that reduce energy consumption.
     
  8. David97255

    David97255 Sell Leupay&TW verified business account Mentor Group Entrepreneur

    The volume was in the limit of 200 k per month. ( With time they increased the limit )
     
  9. nitehawk

    nitehawk Mentor Group Mentor Group

    Who wouldnt be suspicious?
     
  10. David97255

    David97255 Sell Leupay&TW verified business account Mentor Group Entrepreneur

    Regular business at my eyes
     
  11. nitehawk

    nitehawk Mentor Group Mentor Group

    Do regular white market businesses use Leupay?
     
  12. Martin Everson

    Martin Everson Offshore Consultant Business Angel

    So you are pushing 200k a month through a small PSP. Which country are you guys from (not the company) but beneficial owners? And which currency are you dealing with?

    If Leupay has involved regulators then things will be very very very slow...this is normal and not Leupay's fault I believe. There is certain money laundering regulations that have to be followed. Also 5 companies all into green products? Are you guys all related companies or just a coincidence that you are all into green products? It sounds like the suspicion is structuring is taking place in which use of multiple companies to launder money. I am not saying this is what you are doing...but appearance is everything on the surface.

    Bottom line is leupay is a PSP your volume is not their target business perhaps. 200k a month adds up to 2.4m of flow a year. That's not typical PSP activity and not even small bank activity.
     
    W4rhol and diablo like this.
  13. David97255

    David97255 Sell Leupay&TW verified business account Mentor Group Entrepreneur

    We are all west European owner.
    No we are not in same business, just answered for mine.
    The turn over of the other I m not sure, I just know the balance left in the account.
    Yes we know each other but no business relationship because they are in activities that are not suitable for me.
    Yes I m guilty I have putted to big turnout over in an Emi and I won't do it anymore.
    But we began very slow..and then the business grew up on 2 months. Even Leupay has increased my limits.
    I m very updated with money laundering but since this company is mine with my name in front there is no doubt that the business is clean.
    I may close the company for bankruptcy, the amount blocked there is too high and I don't succeed to calm the suppliers.
    I just need from them simples things:
    Or they send the balance to my new account ( real bank ) they got all the details. Or they send us the court file or they explain us why the Malta court doesn't know about it.
    Even a criminal got the right to defend himself...
     
  14. Martin Everson

    Martin Everson Offshore Consultant Business Angel

    Ok I understand

    Leupay is a strange entity it operates across UK, Bulgaria, Malta (formally with satabank). It has an opaque corporate structure at best. If they have asked you for new account and you have given it give them some weeks. Just be patient and they will release funds. As I said regulators are slow. Sometimes banks have to physically mail documents in post to them and it can take weeks before a reply is given. It is often a bureaucratic process in place.

    When you get money back use a bank...a big bank.
     
    David97255 likes this.
  15. David97255

    David97255 Sell Leupay&TW verified business account Mentor Group Entrepreneur

    First of all it s the opaque structure that make me afraid.
    Secondly they won't send me back the money because it s not few weeks it s monthes.
    Now I will have to take a big international lawyer office due to this opaque structure. Unfortunately it will cost a lot and I had like to make a collective active to share the costs.
     
  16. Martin Everson

    Martin Everson Offshore Consultant Business Angel

    Your funds would be with Satabank (via Leupay) when you originally deposited it. Leupay switched to icard Bulgaria structure from April 2018. Satabank may be based in Malta but has Bulgarian origins. I don't mean to scare you but something looks wrong in this whole picture. The split of Leupay from Satabank may give hints to de-risking. Christo Georgiev is co-owner of Satabank and owner of icard. So both Leupay and Satabank have common ownership. However Leupay has now moved Leupay under icard and it is no longer under Satabank. This indicates that sh*t is hitting the fan with Satabank and troubles lay ahead for the bank - this is no assumption I can assure you.

    The below article singles out Satabank indicating that Satabank is under scrutiny. Something is wrong at Satabank where your funds are held. My guess and it is a guess is that your money is blocked and US are involved. Following issues with Pilatus bank in Malta they are probably looking at all large accounts at Satabank for any signs of AML breaches.

    Again I ask which currency is the money frozen in..would it coincidentally be USD?

    Article from April 3 2018 Top MFSA banking supervisor steps down

    Satabank comes under scrutiny

    Mr Gabarretta’s resignation comes at a time when pressure within the industry is mounting on the MFSA, with sources saying there was growing unease about another institution, Satabank, which received a banking licence in 2014.

    Over the past months, regulatory authorities are known to have raised compliance issues with Satabank, which has its offices in St Julian’s.

    A spokesman said the bank had “tightened” its criteria for selection and on-boarding of new clients to reflect its risk appetite and to remain consistent with upcoming regulatory requirements.

    The spokesman said regulatory authorities carried out on-site visits on all regulated entities in Malta and Satabank was no exception.

    Satabank’s Bulgarian co-owner, Christo Georgiev, ran an e-money business in Luxembourg prior to the bank being granted a licence to operate in Malta.

    According to the Satabank spokesman, the group the bank formed part of had voluntarily surrendered its electronic money institution licence issued by Luxembourg.

    “At the time of the licence, Satabank became a direct participant in SEPA and since EMIs cannot be direct participants in SEPA, the Luxembourg licence was deemed to be redundant to the needs of the group of which Satabank forms part,” the spokesman said.

    He stressed that the bank was a separate legal entity from Mr Georgiev, although being a director and one of its founders.

    KPMG audits both banks and had been involved in the procedure to obtain their licence.
     
  17. David97255

    David97255 Sell Leupay&TW verified business account Mentor Group Entrepreneur

    Thank you. For all those valuable info. I knew since long that something wrong.

    All my transactions have always been in euro. And never used USD at all.
     
  18. Martin Everson

    Martin Everson Offshore Consultant Business Angel

    Ok so you need to just wait. A lawyer is not going to help at this point

    i.e Lawyer sends letter to Leupay and Leupay says we are not the delaying party speak to Malta court. What can lawyer do...go after government????? Forget it...lol.
     
  19. blueweb

    blueweb Corporate Services Mentor Group Business Angel

    seems leupay is turning into a very bad position as it read right now!
     
  20. David97255

    David97255 Sell Leupay&TW verified business account Mentor Group Entrepreneur

    @blueweb

    I use leupay since more than two years, I learnt how they work .
    When this sh*t happened to me and some others 6 monthes ago. I said that s something wrong and bad happens.
    The people said it s because you used dark. The company is at my name and so on the bank account so dark not really.
    Yes in this day I had more info than with leupay or my lawyer so yes they turn in very bad position and myself with them.
     
    blueweb likes this.