The Valimahomed family has garnered attention for its involvement in multiple business ventures that have faced financial difficulties. Brothers Nazim and Nooreddin Valimahomed are at the centre of these controversies.
Nazim, the founder of Kroo Bank, has recently come under scrutiny. Some observers are questioning whether this latest venture follows a pattern similar to previous failed family enterprises referred to as “Valimahomed Schemes.”
It all starts with budget-friendly products – chocolate bars, cheap smartphones, and discounted lottery tickets in Nooreddin’s latest Lotto Billions venture. But beneath the surface lies a more sinister strategy: securing large sums of money from banks and investors, supposedly for marketing, only for the funds to be frittered away on high-cost, low-return campaigns and bloated management costs.
When these ventures inevitably fail, and so far, they all have, banks, creditors, and investors are left in the lurch, while Nooreddin and his inner circle walk away with pockets full, their profits allegedly funnelled through offshore accounts and trusts.
A prime example is Cadbury Russia Limited (CRL), a company founded by Nooreddin, which secured tens of millions in loans to market the famous confectionery under an exclusive franchise. You would think an exclusive franchise for one of the world’s most famous confectionary brands would be a ticket to riches for anyone involved. But guess what? It collapsed spectacularly.
In an interview with City AM in December 2023, while claiming that his own Kroo Bank is outpacing market-leading Starling Bank, younger brother Nazim referenced his past success in managing Cadbury’s marketing via the Moscow agency he owned at the time. In the wake of the collapse of CRL, investigations were launched into Nooreddin and the company’s mismanagement, but the money trail went cold, leaving banks to wonder just how much had been wasted and exactly who had profited.
Fast forward to 2015. Nazim obtained one of those “Entrepreneur Visas” favoured by Russian Oligarchs, allowing him to settle in the UK, where he founded Kroo Bank. Funded by tens of millions in investments and boasting customer deposits of £765 million, Kroo Bank promised low fees and high interest rates on its current accounts.
However, troubling reports are emerging as it gears up to release its latest audited accounts imminently – customers complaining of frozen accounts, withheld funds, and unresolved fraud. For example:
“Deeply, deeply worried about this bank and its future sustainability. I predict it is going to go into administration and take my money with them given the similarity of our experience with other account holders…..Offices closed for phone calls. Email unresponded to. Had to call and failed security despite answering all questions correctly…….And the large amount in the account makes me sick in my stomach to think I cannot access my own money.”
“DO NOT – DO NOTTTTT Trust this scheming scummy pathetic excuse of a supposedly genuine bank. Read the reviews people, not the fake A.I. 5* reviews constantly pumped out by Kroo staff themselves, read the 1 & 2 star reviews, all the experiences over and over the same things, these people are unbelievable- once they cut you off, freeze YOUR cash you cannot contact them no matter how hard you try.”
“£32k locked up since 02/06/2024. Over 2 months later not,hing has been done. No updates, only generic replies. Please, can something be done?”
“DO NOT OPEN A KROO ACCOUNT, they will steal your money and never answer any correspondence.”
“Terrible, no reply from my email, locked me out of my account for no reason!
No explanation or anything, still awaiting for my Money 6 weeks later!”
“The most untrustworthy and insecure bank. I have recently been scammed to the value of £3412.00 and Kroo bank refuse to refund my money………..Seems very strange when the scammer who called me stated they were from Kroo!! Will be contacting the police, FCA, Financial Ombudsman Service and Watchdog on the One Show.”
With countless more troubling comments on Trustpilot, people are asking the burning question: Is Kroo Bank on the brink of becoming the next Valimahomed Scheme?
If Kroo Bank were to collapse, the Financial Services Compensation Scheme (FSCS) might cover customer losses. But what about the rest? Will the Valimahomed’s and their favoured associates walk away unscathed once again, leaving a financial black hole for the Financial Conduct Authority and taxpayers to fill? Could this be part of another long-term scheme to grab money before vanishing into the night?
As Kroo Bank heads into a critical period, the similarities to past ‘Valimahomed Schemes’ are too glaring to ignore. With customers already struggling to access their money, it’s high time that stakeholders demand transparency and rigorous oversight. Is the unfolding drama at Kroo Bank a ticking time bomb? Will history repeat itself, or will this time be different?
Only time will tell, but for now, it’s best to keep a close eye on the Valimahomed family – and your wallet.
References:
https://www.tenentrepreneurs.org/job-creators-2023-1
https://offshoreleaks.icij.org/nodes/13006304
https://offshoreleaks.icij.org/nodes/13006647
https://www.cityam.com/one-of-the-uks-fastest-growing-fintechs-says-it-will-outpace-starling-soon/
https://uk.trustpilot.com/review/kroo.com?sort=recency&stars=1
https://lottobillions-scam.com/what-a-banker-michiel-van-der-klooster-the-inextricable-link-between-kroo-bank-and-lotto-billions/
https://lottobillions-scam.com/youve-heard-of-willy-wonka-meet-cadburys-silly-plonker/
