An ING subsidiary appears in an investigation into fraud involving the sale of speculative investment products.
Payvision was mentioned in 2019 in complaints from fraud victims to the Public Prosecution Service and the financial regulators AFM and ESMA. They argued that binary options were offered to them in a fraudulent way, betting on the increase or value of an investment product. Payvision would have played a role in channeling away 100 million euros.
From a telephone conversation tapped by the German police it would appear that the founder of Payvision was in close contact with one of the two main suspects in the fraud case. Those two main suspects were arrested early this year. After that arrest, Payvision stopped doing business with the two suspects. According to Follow the Money, Payvision and his director have not yet been identified as suspects in investigations.
ING did not want to comment on the issue in a substantive response. The bank says it will never make substantive statements about any investigations. In a more general sense, ING says it will investigate if the bank suspects that customers are not complying with the law. If necessary, ING will report this to the Justice Department.