Russian entrepreneurs Roland Isaev and Paata Gamgoneishvili have quietly established themselves as significant figures in the online gambling and cryptocurrency payment processing industries. Their influence spans a complex array of business structures across multiple jurisdictions. Ongoing investigations have uncovered their connections to key organizations, including the SoftSwiss and Merkeleon groups, which they seem to control through ownership interests and strategic acquisitions. Recent findings, supported by court documents and whistleblower testimonies, reveal a vast international network that facilitates unlicensed gambling operations throughout Europe and beyond.
Isaev and Gamgoneishvili reportedly made their entry into SoftSwiss in 2019 through a company called Tall Trade Ltd., financing the acquisition of a controlling interest in Befree, a Cyprus-based entity. Whistleblower accounts and legal documents have confirmed their status as beneficial owners of both the Merkeleon and SoftSwiss groups, along with their associated entities. The intricate corporate structure includes a series of holding companies registered in Cyprus, which enable the movement of funds through both fiat and cryptocurrency channels. Allegations suggest that SoftSwiss, under the control of Isaev, Gamgoneishvili, and their partners, operates gambling schemes without the necessary licenses in regulated markets.
In recent years, Isaev and Gamgoneishvili, originally from Georgia, have transitioned from obscure figures to influential players in the online gambling and cryptocurrency sectors. Their roles in both Merkeleon, a cryptocurrency payment processing operator, and SoftSwiss, a provider of iGaming software and infrastructure, are pivotal in the expansion of unregulated online gambling platforms.
According to whistleblower sources and court documents from the British Virgin Islands, Isaev and Gamgoneishvili acquired a majority stake in SoftSwiss through Tall Trade Ltd. in 2019, purchasing it from its founders, Ivan Montik and Dzmitry Yaikau. This acquisition was complex, involving multiple parties and a loan agreement, and eventually led to a legal dispute in the British Virgin Islands.
The ongoing case revolves around a conflict among shareholders, with the underlying business being an internet gambling operation known as SoftSwiss. The trading company for SoftSwiss is a Cypriot entity called Direx Limited, which is wholly owned by a Curacao company named Direx NV. Direx NV, in turn, is entirely owned by Befree Ltd., a Cypriot firm. Until recent events, Befree was beneficially owned by Montik and Yaikau, who held their shares through two Cypriot single-purpose vehicles, as noted in findings from the BVI court in 2020.
This acquisition allowed Isaev and Gamgoneishvili to broaden their influence over various gambling operations, including Rabidi, Dama, Hollycorn, and N1 Interactive. Whistleblower information indicates that these gambling brands, while registered under offshore licenses in jurisdictions like Curacao, have been operating in Europe and Australia without the required local licenses, thus evading regulatory oversight. Regulatory correspondence shows that Montik, Yaikau, and their associates have been warned about these illegal activities but have continued to operate through SoftSwiss under the pretense of offshore permissions.
In addition to their gambling ventures, Isaev and Gamgoneishvili appear to have interests in the cryptocurrency payment processing sector. The gambling operations associated with SoftSwiss utilize entities controlled by Merkeleon, an Austrian-based company also under the influence of Montik and Yaikau, to manage their payment transactions. Merkeleon is the controlling entity behind cryptocurrency payment services such as CoinsPaid and CryptoProcessing.
The jurisdiction of Cyprus plays a crucial role in this intricate web, with companies like Befree Ltd., Bitcapital Ltd., and Primefuture Ltd. acting as intermediaries for transferring funds generated by these gambling operations into the European financial system. The corporate framework, designed to obscure beneficial ownership, has been meticulously investigated, with whistleblower assistance proving essential in uncovering these connections.
The companies associated with SoftSwiss have likely undergone several changes since 2019, and official information regarding beneficial ownership is scarce. Until 2020, SoftSwiss was operated by Direx N.V., a subsidiary registered in Curacao, which was owned by Montik and Yaikau. In 2021, Dama N.V. took over as the operator, followed by the Maltese-based Stable Aggregator Ltd.
Stable Aggregator Ltd, previously known as N1 Aggregator Ltd, has been licensed by the Malta Gaming Authority since 2022 as a B2B service provider, authorized to conduct business-to-business transactions. Stable Software Solutions Ltd, also registered in Malta, is recognized as a shareholder. Behind this entity, Cypriot Primefuture Ltd, owned by Dmitry Yaikau, remains involved.
The trademark for SoftSwiss is registered under Maryia Seksiayeva, a Belarusian woman currently residing in Germany.
There is a commitment to promoting transparency and regulatory compliance within the financial and online gaming sectors. If you have any additional information regarding the network surrounding Roland Isaev and Paata Gamgoneishvili, as well as their connections to SoftSwiss or Merkeleon, you are encouraged to share your insights through a whistleblower platform. Every piece of information is vital in exposing the mechanisms that facilitate unlicensed gambling and obscure financial operations. Together, we can work towards holding these networks accountable and ensuring a more transparent and regulated environment in the online gaming and financial sectors.
The ongoing investigations highlight the need for vigilance and cooperation among stakeholders in the industry. As the landscape of online gambling and cryptocurrency continues to evolve, it is crucial to remain aware of the potential risks and challenges posed by unregulated operations. By fostering a culture of transparency and accountability, we can help protect consumers and promote fair practices within the industry.
In conclusion, the activities of Isaev and Gamgoneishvili serve as a reminder of the complexities and challenges that exist within the online gambling and cryptocurrency sectors. As their influence grows, so too does the importance of regulatory oversight and public awareness. The collaboration between investigative entities, whistleblowers, and the public is essential in addressing these issues and ensuring that the industry operates within the bounds of the law.
By shedding light on these intricate networks and their operations, we can contribute to a safer and more accountable environment for all participants in the online gambling and cryptocurrency markets.
