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 substantial connections to the SoftSwiss and Merkeleon groups, which are managed through intricate business frameworks and strategic acquisitions. Court documents and information from whistleblowers reveal a global network that enables unlicensed gambling operations across Europe and other regions.

Key Insights

Isaev and Gamgoneishvili’s rise in the online gambling sector is marked by several critical developments:

Acquisition of SoftSwiss: In 2019, they took control of SoftSwiss through Tall Trade Ltd., securing a majority stake in Befree Ltd. This acquisition involved multiple entities and a loan agreement, leading to a shareholder dispute in the British Virgin Islands.

Beneficial Ownership: Legal documents and whistleblower accounts confirm that both Isaev and Gamgoneishvili are the beneficial owners of SoftSwiss and Merkeleon.

Corporate Network: A web of holding companies based in Cyprus facilitates the movement of funds through both fiat and cryptocurrency channels.

Unlicensed Operations: SoftSwiss is known to operate gambling schemes in Europe and Australia without the necessary licenses, effectively bypassing regulatory requirements.

The SoftSwiss Group and Its Corporate Structure

Isaev and Gamgoneishvili’s entry into the online gambling market was marked by their acquisition of SoftSwiss. Reports from whistleblowers and court documents indicate that the acquisition was executed through Tall Trade Ltd., which was previously owned by founders Ivan Montik and Dzmitry Yaikau. This transaction involved various entities and resulted in a dispute among shareholders.

The corporate structure of SoftSwiss includes several key entities:

– Direx Limited: Based in Cyprus, it operated SoftSwiss until 2020.
– Direx NV: Located in Curaçao, it is owned by Befree Ltd.
– Befree Ltd.: Also based in Cyprus, it previously held majority ownership by Montik and Yaikau.
– Stable Aggregator Ltd.: This Maltese entity is the current operator of SoftSwiss.

Unlicensed Gambling and Cryptocurrency Payment Systems

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 utilizes Merkeleon’s cryptocurrency payment systems to manage financial transactions, which include services like CoinsPaid and CryptoProcessing.
The Role of Cyprus in the Financial Network

Cyprus acts as a central hub for the financial operations of this network, with various companies serving as intermediaries. Key entities include:

Befree Ltd.: Functions as a fund transfer intermediary.
Primefuture Ltd.: Facilitates cryptocurrency payments.
Bitcapital Ltd.: Manages revenues generated from gambling activities.

Current Status of the SoftSwiss Group

SoftSwiss operates as an iGaming software provider under the trading name SoftSwiss, with its legal entity registered as Stable Aggregator Ltd. It holds an authorization from the Malta Gaming Authority (MGA) under license number MGA/B2B/942/2022.
Legal Challenges Facing Online Casinos and Cryptocurrency Exchanges

SoftSwiss and its associated entities, including CoinsPaid, AlphaPo, Merkeleon, and Dream Finance, have faced numerous allegations related to money laundering, sanction evasion, and fraudulent activities. Key figures involved in these controversies include Ivan Montik, Max Krupyshev, Pavel Kashuba, Dmitry Yaikov, Roland Yakovlevich Isaev, and Paata Gamgoneishvili.

The Network of Companies and Their Legal Issues

Regulatory Scrutiny: Operating in the online casino market presents various legal challenges. SoftSwiss, through its alleged parent company Dama NV, has encountered multimillion-dollar fines for failing to comply with gambling regulations.

Corporate Connections: Dama NV is closely associated with Direx NV, another major player in the gambling industry that faced investigations by the Australian Communications and Media Authority (ACMA) in 2019. The leadership of Direx NV includes Ivan Montik and Maksim Max Trafimovich, who were listed as directors and owners, with legal representation from REVERA, a firm closely linked to SoftSwiss executives.

Crypto Processing Controversies: Numerous individuals connected to these companies, primarily of Belarusian nationality, have been accused of facilitating cryptocurrency transactions for the Russian market. These activities are alleged to help circumvent sanctions while obscuring illicit financial trails.