BizDev, Another Big Player in Tzorya’s Fraud Arena
by Alexander M
You might be familiar with Ilan Tzorya’s Tradologic, one of the major contributors to his mega criminal enterprise, which has already garnered hundreds of millions of Euros. But let’s not ignore the fact that Tradologic alone will not be enough to bring the fraud business this far. The role of the other participating entities are vital to its success—one of which is BizDev, The “leading service provider for Business Development, Project Financing, Business Coaching, Starting In Import/Export, Management Consulting, Foreign Direct investment, Property Investment, Business Intelligence, International Trade Consulting, Sourcing Services in Israel,” according to its company profile.
As seen in its Certificate of Incorporation above, the company was legally incorporated in November of 2016 by the Republic of Seychelles. BizDev is in fact a legitimate corporation and continues to operate up to this very day.
The latter fact might not make perfect sense to some. Despite all the allegations raised against it, how is BizDev still allowed to continue its business? As we further uncover the horrifying truths about this company, let’s take a brief look at the brains behind its operations.
Criminal Minds
In Ilan Tzorya’s Indictment given to FinLeaks, it was revealed that Milena Kabadzhova, also a name known for notorious acts, worked as the controller behind BizDev and played a significant role in the said mega criminal enterprise.
It said: “Milena KABADZHOVA from September 8, 2014 to January 28, 2019 – for part about the Biz Dev Ltd., Seychelles, controlled by it – through the organization numerous company coats based in offshore destinations including straw people as Corporate bodies such as New Markets SA, Samoa, Start Markets Ltd., Marshall Islands, or Capital Force Ltd., Samoa, through the establishment of bank details including authorized signatories for these company shells through which Management of such bank details, such as those of Global Media Partners Ltd., Seychelles, at DSK Bank, Sofia, by creating bogus invoices with wrong services such as “Marketing Services” or “reseller”, through the Organization and provision of payment service providers for the Tradologic Group and the individual fire operators.”
It seems that without Milena running BizDev, the stolen money would not be able to securely transfer between the shell companies within the enterprise, let alone reach its intended designations—the criminals’ pockets.
BizDev Strawman Services
How big of a role did BizDev play in the operations of the enterprise? BizDev was the provider of shell companies, where the money flowed to, bank accounts to launder the fraud money, call center services for fake trading websites of tradologic, and several others as seen in the emails below.
BizDev worked as a company that provided supplementary services to Tradologic. Similar to an accredited company where clients are referred to after availing of Tradologic’s services. Here is where their new businesses come to life.
There is a clear flow to how this business operates. Step 1 is Tradologic, step 2 is BizDev.
For services rendered by BizDev in the month of February in 2017, Tzorya instructed Milena to apply a 70% mark-up, which is usually how they earn a large profit—in the tens of thousands of euros per transaction.
“Advice Services” are offered as a supplement to the software provided by Tradologic. Their client’s business comes to life at BizDev where they are taught how to run it—specifically, how to scam people with the new system provided to them.
The basepoint reference for pricing is largely dependent on how much they want. As seen in the emails, Tzorya and Milena work closely together to determine the amounts.
A transaction that transpired in February of 2017 gave rise to a 30,000 euro income. Legal services
Step 3: Fintelegram
As if steps one and two are not enough, Tzorya continues to milk their clients for money. After the clients have all the machines and training they need to jumpstart their own criminal business, Tzorya takes advantage of this confidential information.
He passes it to his partners, Werner Bohm and Elftriede Sixt—who are two more infamous names behind some of the most notorious criminal work in Israel.
Werner Bohm, who is the owner and main operator of Fintelegram—a platform that provides “actionable financial intelligence services to fight cybercrime, educate and protect investors” as stated on their Facebook profile—creates and publishes articles against them.
Through the contact information provided by Tzorya from Tradologic, Bohm calls or emails them with threats about the publications. The clients are blackmailed into taking the posts down for a large price. The profit, of course, goes into the team’s pockets.
Step 4: EFRI
At this point, you might be thinking, “these criminals should be done with these poor client-turned-victims, right?” Unfortunately, they aren’t yet. Step four of the business is led by Elfriede Sixt, the woman behind EFRI, or ‘European Fund Recovery Initiative.’
EFRI is a company presented as a non-profit set in place in order to “help online scam victims retrieve their lost funds, by joining forces, sharing information and filing class actions against the scammers who conned them.”
Unfortunately, EFRI was no more than an empty name. A shell organization, formed by Werner Bohm and Elfriede Sixt to collect information about the field of scammers and get innocent people’s money.
In this step, Sixt makes use of the information provided by Bohm to scam people yet again. She contacts them and offers their services. Once approached by victims, EFRI urged the ones contacting it to pay a significant fee for legal representation.
The fee, they were assured, would be reimbursed to the victims in its entirety once the case was tried and the legal battle would have been won. But, of course, the money’s fate would be of no return.
As of today, the enterprise has injured 6 million victims worldwide and has stolen over $800 million. This enterprise drives each of their victims and forces them to go through these steps, robbing them at each one.
Up to this day, this notorious team of criminals is still on the loose and their business continues. They are not at all forgiving. We never know what they might come up with next. This is why business owners must take extra caution when dealing with anyone, especially online.
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