Investor Alert: LottoPalace Affiliates Linked to Funds Recovery Scam

Background on LottoPalace Operations

LottoPalace is a fraudulent online platform historically associated with Uwe Lenhoff, a German national, and his publicly traded company Veltyco Group PLC. Numerous complaints have been filed by users claiming they were denied withdrawals and payouts. Investigations are currently underway in both Germany and Austria.

The platform was reportedly operated in collaboration with Lenhoff’s sister Miriam Sahl and Softlotto Ltd, led by Amit Giorini from Israel.

Emergence of a Secondary Scam: Fake Funds Recovery

Recent reports from former LottoPalace clients indicate a disturbing trend. Individuals claiming to be former employees of the platform’s boiler room operations are now reaching out to former clients. According to complaints:

• These callers inform clients that LottoPalace was a scam;

• They offer assistance with “recovering lost funds”;

• Victims are then asked to pay several thousand euros upfront for the recovery process.

This type of fraudulent scheme is well-documented in the online investment fraud landscape. Victims are re-targeted with the promise of help, only to be defrauded a second time.

Psychological Exploitation of Victims

The scam exploits the emotional and financial vulnerability of those already affected. By posing as recovery agents, these individuals further drain victims of resources under false pretenses. There is no genuine intention to return the lost money.

Important Warning to the Public

Do not transfer additional funds to LottoPalace or any individual claiming to recover your money for a fee.

In nearly all cases, these promises result in further financial loss.

How to Respond

If you have received such calls or suspect similar fraudulent activity linked to LottoPalace, it is strongly advised that you:

• Do not engage with the callers;

• Do not send any further payments;

• Report the incident to the appropriate authorities.

Spreading awareness and reporting these cases is essential to helping others avoid similar schemes and increasing pressure on investigative efforts.

Stay vigilant and always verify the legitimacy of any claims involving fund recovery services.