Tal Arad Was in Charge of What Goes on With the Money Siphoned from the E&G Clients’ Accounts

Tal Arad was one of the top officials at the famous ‘pan European’ fraud network, who are walking scot-free, despite being at the center of a massive operation that scammed thousands of their hard-earned money. It’s worth mentioning that Tal Arad was not only the CFO of Ilan Tzorya’s business but also a close relative to Tzorya’s family through Shoval Tzorya, Ilan Tzorya’s sister.

Combining his prominent accounting background with kinship, Tal Arad was more of a perfect fit for Tzorya’s business. In the capacity of E & G’s Chief Financial Officer (CFO), Tal was responsible for salaries payment, flights schedules and payments, and other expenses regarding Ilan’s business activities. In this article, we’ll explain how Tal Arad was in charge of their victims’ money from the time it’s paid till the time it hits Tzorya’s GMP BVI’s bank accounts.

Tal Arad Requests for Full Details of the Payments Service Providers

In an email conversation we have in our archives, Tal Arad sends an email to Kfir, one of the high-ranking E&G officials, asking him for comprehensive information about the payments processor’s terms. Basically, Tal is looking for an organized excel file with all the PSP details carefully arranged for a realistic expectation and easy workflow.

“Hi Kfir, In light of the last changes in the processors, I need the following data,” wrote Tal Arad, requesting data regarding each brand. The information requested by Tal included all the processors working with the E&G, listed by names. In addition to that, Tal also asked for the day they were to be settled and the bank the processors would use to send the money to help the accounting team understand the duration it would take for the payments to reach their accounts. Tal also requested Kfir to provide the bank accounts to which the payments processors would send the money from the victims they had scammed.

“Also, we need to set up a day in which the payments department will send the finance department the expected settlements on a weekly basis (we need to receive this data as soon as possible). The purpose is eventually to create new payment procedures after the changes in the settlements days,” Added Tal Arad.

From the above conversations between Tal and Kfir back in April 2018, it’s pretty straightforward that Tal Arad was in charge of the victims’ money, right from their bank accounts using their cards, to the final point where the money gets to the intended final account, from where Ilan Tzorya and his team used it to their profit. Tal Arad was also involved in the E&G’s money laundering activities, which weren’t new with the massive fraud network powered by the Tradologic platform—a platform consisting of manipulative software that makes investors lose their money regardless of their options played.

Why Would Tal Arad Request the Info for All Payment Processors Organized in a Single File?

Ilan Tzorya’s fraud operations involve dozens of companies, brands, and call centers located in different countries. Due to the geographic differences, the E&G brands, and other brands within the Tradologic, Tzorya and his team used multiple payment processors to get money from investors'(fraud victims) accounts to Ilan Tzorya’s bank accounts.

According to Tzorya’s indictment, the prosecution mentioned a long list of various payment processors involved in Tzorya’s fraud operations, including the Global Payment Solutions DOO— a company Tzorya has always denied knowing.

The payment service providers named in his indictment file include:

Payvision BV, Nie-derlande, Global Payment Solutions d.0.0., Montenegro, Binex Group LP, Great Britain nien, Xtrabit SRO, Czech Republic, B2B GmbH, Germany, Teleport I Kt, Hungary, the L NG MET: L Kft, Hungary, as well as other payment service providers based abroad.

With such a large number of PSP, making a detailed excel file to keep things organized could be inevitable. Based on our in-depth analysis, Tal Arad was in charge of the money movement process from victims to brands, GAP, and finally to Tzorya’s central account, GMP BVI.