Russian Entrepreneurs and Their Expanding Influence in Online Gambling and Crypto Payments

tamir
Tue, 12 Nov 2024 10:26:09 +0000
Illegal gambling, Illegal Payment Services, ticker, Bambi Data, Bitcapital, Dama, Direx, Dzmitry Yaikau, Hollycorn, Ivan Montik, Maksim Trafimovich, Maryia Seksiayeva, Merkeleon, N1 Interactive, Paata Gamgoneishvili, Pavel Kashuba, Primefuture, Rabidi, Roland Isaev, Softswiss, Stable Aggregator, True Infrastructure

The Russian entrepreneurs Roland Isaev and Paata Gamgoneishvili have secretly emerged as major players in the online gambling and crypto payment processing sectors, with their influence extending through complex business structures in various jurisdictions. FinTelegram’s ongoing investigations reveal their involvement with key entities, such as the SoftSwiss and Merkeleon groups, which they appear to control through ownership stakes and strategic acquisitions. Our latest findings, backed by court documents and whistleblower insights, outline a vast, multinational network supporting unlicensed gambling operations across Europe and beyond.

Key Points

Strategic Acquisitions: Isaev and Gamgoneishvili reportedly entered SoftSwiss in 2019 via Tall Trade Ltd., financing the acquisition of a controlling stake in Cyprus-based Befree.

Beneficial Ownership Confirmed: Whistleblower disclosures and legal documents identify Isaev and Gamgoneishvili as beneficial owners behind the Merkeleon and SoftSwiss group and affiliated entities.

Complex Corporate Web: The network involves a series of holding companies registered in Cyprus, facilitating the flow of funds through fiat and cryptocurrency channels.

Unlicensed Operations: SoftSwiss, controlled by Isaev, Gamgoneishvili, and other partners, allegedly operates gambling schemes without licenses in regulated jurisdictions.

Short SoftSwiss Narrative

In recent years, Roland Isaev and Paata Gamgoneishvili, Russian born in Georgia, have advanced from shadowy figures to dominant forces in the online gambling and cryptocurrency industries. FinTelegram has been following their ascent, noting their involvement in both Merkeleon, a crypto payment scheme operator, and SoftSwiss, an iGaming software and infrastructure provider. The two organizations are instrumental in the proliferation of unregulated online gambling platforms.

According to whistleblower sources and court documents obtained from the British Virgin Islands, they gained a majority stake in SoftSwiss through the company Tall Trade Ltd. in 2019, acquiring it from its founders Ivan Montik and Dzmitry Yaikau. This transaction was complex, involved several parties and a loan agreement. The acquisition subsequently developed into a court case in the British Virgin Islands.

The current case concerns a dispute between shareholders. The underlying business is an internet gambling operation called Softswiss. The Trading company for Softswiss is a Cypriot company called Direx Limited. The hundred percent shareholder in Direx Limited is a Curacao company called Direx NV. In turn Direx NV is held a hundred percent by Befree Ltd., a Cypriot company. Until the events to which I shall came, Befree was owned beneficially by. Mr. Yaikau and Mr. Montik who were the founders of Softswiss. They held the shares in Befree through two Cypriot single purpose vehicles. (BVI Court findings in 2020)

The final decision of the BVI court can be downloaded here.

This acquisition positioned Isaev and Gamgoneishvili to extend their reach across gambling schemes like Rabidi, Dama, Hollycorn, and N1 Interactive. Whistleblower information reveals that these gambling brands, although registered under offshore licenses in jurisdictions like Curacao, were operating in Europe and Australia without the necessary local licenses, circumventing regulatory frameworks. The regulatory letters in FinTelegram’s possession indicate that Montik, Yaikau, and associates have been warned of the illegalities but continued operations through SoftSwiss under the guise of offshore permissions.

Beyond gambling, Isaev and Gamgoneishvili’s ambitions appear to intersect with the cryptocurrency payment processing industry. The SoftSwiss gambling schemes utilize entities controlled by Merkeleon, an Austrian-based company also under Montik and Yaikau’s control, to manage their payment flows. Merkeleon is the controlling entity behind the crypto payment schemes CoinsPaid and CryptoProcessing.

The Cyprus jurisdiction plays a pivotal role in this web, with entities like Befree Ltd., Bitcapital Ltd., and Primefuture Ltd. serving as intermediaries for transferring funds generated by these gambling schemes into the European financial ecosystem. The corporate infrastructure, designed to mask beneficial ownership, has been pieced together through meticulous investigation, with whistleblower assistance proving invaluable in unraveling these connections.

Background Information

The companies behind SoftSwiss are likely to have changed several times since 2019. Information about the beneficial owners cannot be found officially. Until 2020, SoftSwiss was operated by Direx N.V., a Curacao-registered subsidiary of Direx Limited in Cyprus, which was owned by Montik and Yaikau. In 2021, Dama N.V. became the operator before it the Maltese-based Stable Aggregator Ltd took over.

Stable Aggregator Ltd (formerly N1 Aggreator Ltd) d/b/a SoftSwiss has been licensed by the MGA in Malta as a B2B service provider since 2022 and is authorized to provide supplies in the context of business-to-business transactions. Stable Software Solutions Ltd, also registered in Malta, can be seen as a shareholder. Behind this, Cypriot Primefuture Ltd, owned by Dmitry Yaikau, can still be seen (Source: Northdata).

The owner of the SoftSwiss trademark is registered as Maryia Seksiayeva, a Belarusian woman who is said to currently live in Germany.

Key Data SoftSwiss

Trading name | SoftSwiss
Business activity | iGaming software provider
Domain | https://www.softswiss.com

Legal entity

Stable Aggregator Ltd
(previously N1 Aggregator Ltd)

Authorization | MGA Malta with license number MGA/B2B/942/2022

Related entities

Stable Software Solutions Ltd
Stable Games Ltd
True Infrastructure Ltd
Primefuture Ltd
Bitcapital Ltd
Bambi Data Ltd
N1 Interactive Ltd

Related schemes

Direx, Dama, N1 Interactive, Rabidi, Hollycorn
Merkeleon (CoinsPaid, CryptoProssecing, AlphaPo)

Related individuals

Roland Isaev
Paata Gamgoneishvili
Ivan Montik
Dzmitry Yaikau
Maksim Trafimovich
Pavel Kashuba
Maryia Seksiayeva

Call for Information

FinTelegram continues its commitment to transparency and regulatory compliance within the financial and online gaming sectors. If you possess additional information about the network surrounding Roland Isaev, Paata Gamgoneishvili, SoftSwiss, or Merkeleon, we invite you to share your insights via our whistleblower platform, Whistle42. Every contribution plays a crucial role in exposing the mechanisms that enable unlicensed gambling and opaque financial operations. Together, we can hold these networks accountable.

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