In a jaw-dropping turn of events, Lotto Billions, the controversial online lottery, is now under intense scrutiny amid shocking revelations about its questionable practices. Sources suggest that hitting the jackpot at Lotto Billions might be a ticket to disappointment, with doubts surrounding the company’s willingness and ability to fulfil its grand promises of “creating billionaires”.
The heart of the matter lies in the peculiarities of how Lotto Billions pays potential jackpot winners. Payouts can only occur either directly from the operator/owner, which in this case is Emerald Holdings Limited, or through insurance. However, Lotto Billions takes a unique approach to insurance, saying that it “may” only insure jackpots at its “sole discretion.” This means that if the company decides to skip insurance payments to boost its profit margins, the only alternative for jackpot winners is for the company or its owners to cough up the prize money. A closer look at their financial standing suggests that this alternative is simply not viable.
The man behind Lotto Billions, Michiel Van der Klooster, a controversial figure previously convicted of domestic violence, is suspected of lacking the financial means to fulfil jackpot payouts directly in the absence of insurance. He is banking on the slim odds of winning to save himself from potential financial ruin.
Van der Klooster serves as the only shareholder and CEO of Emeralds Holdings Limited. Records indicate that Emeralds Holdings Limited exclusively owns Lotto Billions. Intriguingly, this company shares similarities with another venture of Van der Klooster, namely Klooster Capital Holdings N.V. On its website, Klooster Capital Holdings N.V. also claims ownership of Lotto Billions and actively encourages others to invest alongside them. But, Klooster Capital Holdings N.V. ceased trading in November 2023!
The problem arises when scrutinising the three investments highlighted on Van der Klooster’s sites – Property Assets London Limited, Kroo and Lotto Billions.
Property Assets London Limited and its subsidiaries, all wholly owned by Van der Klooster, recently encountered the ominous prospect of collective “compulsory strike-off” notices, a huge red flag in the world of UK companies. Recent accounts reveal the group to have had a meagre £35,273 in cash and highly leveraged borrowings, suggesting potential financial distress and an unattractive prospect for potential investors.
Van der Klooster’s association with businesses accused of being scams is causing quite a stir. Kroo, founded by Nazim Valimahomed, faces a barrage of scam allegations from disgruntled customers (see below), raising serious concerns about the company’s integrity.
Lotto Billions has come under intense scrutiny. Founded by Nazim’s brother, the bankrupt con man Nooreddin Valimahomed, Lotto Billions is accused of engaging in unethical practices. Rumours are swirling that the company is teetering on the brink of legal action, further compounding its dubious reputation.
Critics argue that Van der Klooster’s investment choices and active participation in these allegedly unstable and poorly run companies cast doubt on his financial acumen. The lingering uncertainty looms large, with scepticism over the financial capabilities of these businesses to fulfil their commitments, particularly when it comes to paying off lottery jackpot winners.
As the Lotto Billions controversy unravels, jackpot winners are now faced with a stark warning: hitting the jackpot may not guarantee financial security, especially if Michiel van der Klooster is at the helm. The integrity of Lotto Billions is now in question, leaving many to ponder the fate of those daring to dream of hitting the elusive jackpot.
A selection of recent Kroo reviews – Source: Google Reviews
“Scammers – they offer a false promotion to get you signed up, then don’t follow through.”
“Scammers locked me out of my account been 10 Months so far lucky I only had £200 was jn the process of transfering my money to my main high street bank and got locked out. Had 20 chats with customer service (Only available contact option) They send A.I replys and do not follow up. SCAMMER BANK.”
“This bank is now known for “Phishing” the details of people who don’t bank with them. Phishing is illegal, sneaky and is a cyber crime, a way of getting others data against data protection laws. This is not your fault and you are a victim of financial/personal data scam.”`
“I also signed up for a new account with a £10 amazon gift card promised (as an additional perk). 6 months and 10 unanswered emails later I have definitely been scammed and probably would have gone for another account with a better interested rate if I had known. AVOID!!!”
“AVOID AT ALL COSTS!!! your money is not safe!!!! I was scammed all of my money by a scam through depop and Kroo have not refunded me or provided any support, given any timescale or anything when I’m also a vulnerable person I’ve lost £653 all of my money amd have now had to use a food bank for the first time in my life”
“Any chance I can vote for zero Star?? Absolutely horrible scam holding the payment and return back to the sender. Avoid Avoid. SCAMMER”
“Dreadful bank don’t trust them scam people zero support when I had fraud on my account. Left me a disabled person out of money lost over £500”
“This is not a company worth spending the time on. Application process is broken, customer service run against AI bots. Probably a scam to capture details.”
“Scam bank. DO NOT USE!”
“I would have given ZERO star if I could. THIS BANK IS A FRAUD.”
“If you suffer fraud this bank WILL NOT help you and leave you suffering to consequences. DO NOT USE THIS BANK”
