Investor warning: LottoPalace employees operate a funds recovery scam

LottoPalace and Veltyco
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LottoPalace is one of the scam platforms operated by the German Uwe Lenhoff and his listed Veltyco Group PLC. FinTelegram and its EFRI campaign have received many complaints from customers who are not paid their deposits or winnings. LottoPalace is also under investigation by the authorities in Germany and Austria. The Veltyco Group has operated LottoPalace and Uwe Lenhoff, his sister Miriam Sahl, and Softlotto Ltd, headed by the Israeli Amit Giorini (FinTelegram report here).

Funds Recovery Scam

In the last few days, we have received identical complaints and warnings from some LottoPalace client-victims. Allegedly, former employees of the LottoPalace boiler room have gone into business for themselves. They evidently took the LottoPalace customer data with them and are now calling the victims.

In these calls, customers are told that LottoPalace was actually a scam. However, they would be able to help the client-victims recover their money (i.e. do the fund recovery). However, this would require the client-victims to deposit several thousand euros again. This is the typical procedure of this cyberscammers.

Scammers also regularly pretend to be fund recovery specialists who would allegedly help the victims get their money back which they stole in the first place. In this fraud mill, the psychologically often beleaguered victims then lose money again. But the desperation of these victims does not matter to these people.


Please do not make any more deposits to LottoPalace or to people who claim that you get your money back for another deposit of thousands of Euros. You will most likely lose money again.

Report LottoPalace activity to EFRI

Please report any suspicious LottoPalace activity to our EFRI campaign to help raise awareness of this scam and protect other investors.

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