The Role of Isaev and Gamgoneishvili in Online Gambling
Russian entrepreneurs Roland Isaev and Paata Gamgoneishvili have become significant figures in the online gambling and cryptocurrency payment industries. Ongoing investigations into the Scam-Or Project have uncovered their extensive involvement with the SoftSwiss and Merkeleon groups, which they control through intricate business structures and strategic acquisitions. Court documents and information from whistleblowers have revealed a global network that facilitates unlicensed gambling operations across Europe and beyond.
Key Findings
One of the primary ways Isaev and Gamgoneishvili have established their influence is through strategic acquisitions. In 2019, they gained control of SoftSwiss by acquiring a majority stake in Befree Ltd. through a company called Tall Trade Ltd. Legal documents and disclosures from whistleblowers confirm that both Isaev and Gamgoneishvili are the beneficial owners of SoftSwiss and Merkeleon.
Their corporate web is complex, with a network of holding companies based in Cyprus that enables the flow of funds through both fiat and cryptocurrency channels. Notably, SoftSwiss operates gambling schemes in Europe and Australia without the necessary licenses, effectively bypassing regulatory frameworks.
Legal Challenges in Online Casinos, Cryptocurrency Exchanges, and Crypto Processing
SoftSwiss and its associated entities, including CoinsPaid, AlphaPo, Merkeleon, and Dream Finance, are no strangers to allegations of money laundering, sanction evasion, and fraudulent activities. Key individuals, such as Ivan Montik, Max Krupyshev, Pavel Kashuba, Dmitry Yaikov, Roland Yakovlevich Isaev, and Paata Gamgoneishvili, are at the center of these controversies.
The SoftSwiss Group and Its Network
Isaev and Gamgoneishvili made their entry into the online gambling industry by acquiring SoftSwiss. Reports from whistleblowers and court documents indicate that this acquisition was executed through Tall Trade Ltd., which they purchased from the founders, Ivan Montik and Dzmitry Yaikau, in 2019. This transaction involved multiple entities and a loan agreement, leading to a shareholder dispute in the British Virgin Islands.
The corporate structure of SoftSwiss includes several key entities. Direx Limited, based in Cyprus, operated SoftSwiss until 2020, while Direx NV, located in Curaçao, is owned by Befree Ltd. Befree Ltd. was previously majority-owned by Montik and Yaikau, and the current operator of SoftSwiss is Stable Aggregator Ltd., which is based in Malta.
Unlicensed Gambling and Crypto Payment Schemes
The influence of Isaev and Gamgoneishvili extends to several prominent gambling brands, including Rabidi Group, Dama, Hollycorn, and N1 Interactive. These brands operate under offshore licenses in jurisdictions such as Curaçao, allowing them to engage in unregulated gambling activities in Europe and Australia.
The SoftSwiss gambling network relies on Merkeleon’s cryptocurrency payment schemes to manage its funds. This includes services like CoinsPaid and CryptoProcessing, which facilitate the movement of money within the network.
The Role of Cyprus in the Network
Cyprus plays a crucial role as the operational hub for the financial activities of this network, with various companies acting as intermediaries. For instance, Befree Ltd. serves as a fund transfer intermediary, while Primefuture Ltd. facilitates cryptocurrency payments. Additionally, Bitcapital Ltd. is responsible for managing gambling revenues.
The SoftSwiss Group Today
Currently, the SoftSwiss group operates under the trading name SoftSwiss and functions as an iGaming software provider. Its official domain is softswiss.com, and it is legally registered as Stable Aggregator Ltd. The group holds an authorization from the Malta Gaming Authority, with the license number MGA/B2B/942/2022.
