In recent developments, Russian entrepreneurs Roland Isaev and Paata Gamgoneishvili have emerged as significant figures in the online gambling and cryptocurrency payment processing sectors. Their influence spans complex business structures across various jurisdictions. Investigations by FinTelegram have uncovered their connections to key entities, including the SoftSwiss and Merkeleon groups, which they seem to control through ownership stakes and strategic acquisitions. Recent findings, supported by court documents and insights from whistleblowers, reveal a vast multinational network that facilitates unlicensed gambling operations throughout Europe and beyond.
Isaev and Gamgoneishvili reportedly made strategic acquisitions that allowed them to enter SoftSwiss in 2019 through a company called Tall Trade Ltd. This acquisition involved financing the purchase of a controlling stake in Befree, a company based in Cyprus. Whistleblower disclosures and legal documents have confirmed that Isaev and Gamgoneishvili are the beneficial owners behind both the Merkeleon and SoftSwiss groups, as well as their affiliated entities. The corporate web they have constructed is intricate, featuring a series of holding companies registered in Cyprus that facilitate 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 jurisdictions.
In a broader context, Isaev and Gamgoneishvili have transitioned from being obscure figures to becoming dominant players in the online gambling and cryptocurrency industries. FinTelegram has tracked their rise, noting their involvement with Merkeleon, a crypto payment scheme operator, and SoftSwiss, which provides iGaming software and infrastructure. Both organizations play a crucial role 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 in 2019 through Tall Trade Ltd., purchasing it from its founders, Ivan Montik and Dzmitry Yaikau. This complex transaction involved multiple parties and a loan agreement, ultimately leading to a court case in the British Virgin Islands. The ongoing case revolves around a dispute between shareholders concerning the internet gambling operation known as SoftSwiss. The trading company for SoftSwiss is Direx Limited, a Cypriot entity, which is wholly owned by Direx NV, a company registered in Curacao. Direx NV, in turn, is entirely owned by Befree Ltd., another Cypriot company. Until recent events, Befree was beneficially owned by Mr. Yaikau and Mr. Montik, the founders of SoftSwiss, who held their shares through two Cypriot single-purpose vehicles, as noted in the BVI Court findings from 2020.
This acquisition has enabled Isaev and Gamgoneishvili to expand their influence over various gambling schemes, including Rabidi, Dama, Hollycorn, and N1 Interactive. Whistleblower information indicates that these gambling brands, although registered under offshore licenses in jurisdictions like Curacao, have been operating in Europe and Australia without the required local licenses, thereby circumventing regulatory frameworks. Regulatory letters in possession of FinTelegram suggest 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 industry. The gambling schemes associated with SoftSwiss utilize entities controlled by Merkeleon, an Austrian-based company also under the control of Montik and Yaikau, to manage their payment flows. Merkeleon serves as the controlling entity behind the cryptocurrency payment schemes CoinsPaid and CryptoProcessing.
The jurisdiction of Cyprus plays a crucial role in this intricate web, with companies such as Befree Ltd., Bitcapital Ltd., and Primefuture Ltd. acting as intermediaries for transferring funds generated by these gambling schemes into the European financial ecosystem. The corporate structure, 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 and operating under the name SoftSwiss, has been licensed by the Malta Gaming Authority (MGA) as a B2B service provider since 2022, allowing it to engage in business-to-business transactions. Stable Software Solutions Ltd, also registered in Malta, is recognized as a shareholder, while Cypriot Primefuture Ltd, owned by Dmitry Yaikau, Maksim Trafimovich, Pavel Kashuba is still involved in the corporate structure. The owner of the SoftSwiss trademark is registered as Maryia Seksiayeva, a Belarusian woman who is reported to currently reside in Germany.
In summary, the intricate relationships and ownership structures surrounding SoftSwiss and its affiliates highlight the complexities of the online gambling and cryptocurrency industries. The ongoing investigations and legal disputes underscore the challenges regulators face in addressing unlicensed operations and the need for greater transparency in corporate ownership.
