A few months back, FinTelegram published an initial forensic report detailing the bankruptcy of Rabidi N.V., an online casino operator registered in Curacao that had generated hundreds of millions in revenue but had no traceable assets at the time of its collapse in May 2024. This report raised significant concerns regarding the opaque structures behind Rabidi’s operations and its successor, Liernin Enterprises Ltd.
Since that time, with the assistance of whistleblowers, court documents, and advanced AI-driven compliance investigations, the FinTelegram team has gathered and analyzed a much wider array of evidence. The outcome is a thorough, lawyer-ready forensic intelligence report that is now accessible to the public.
The findings reveal that Rabidi N.V. was not merely a rogue operator; it was part of a larger multi-jurisdictional gambling and crypto-financial scheme that spanned Cyprus, Curacao, the Marshall Islands, Estonia, and beyond. Following its bankruptcy, Liernin Enterprises Ltd, a newly established entity in the Marshall Islands, seamlessly took over Rabidi’s operations, while payment processing and trademarks remained under the control of Cypriot companies such as Tilaros Ltd and Mirata Services Ltd.
Central to this infrastructure is Ivan Montik, the Belarusian tech founder of SoftSwiss, who is supported and financed by Russian entrepreneurs Roland Isaev and Paata Gamgoneishvili through the vehicle Tall Trade Ltd.
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, Maksim Trafimovich, Max Krupyshev, Pavel Kashuba, Dmitry Yaikov, Roland Yakovlevich Isaev, and Paata Gamgoneishvili, are at the center of these controversies.
The report also uncovers connections to CoinsPaid, CryptoProcessing, Merkeleon, and other crypto processors that facilitate gambling-related payments, many of which operate without licenses in the EU or North America. German and Australian regulators have issued warnings regarding illegal operations by Montik’s affiliated companies, yet several key individuals continue to operate from within Germany and Cyprus.
The documents also reference the collapsed Wirecard, which processed over €60 million in transactions for entities linked to SoftSwiss, with former COO Jan Marsalek reportedly requesting sales data personally. The Revera law firm, based in Belarus and Cyprus, is identified as the primary legal architect behind SoftSwiss’s corporate structure, including the creation of Cypriot holding entities designed to obscure true ownership and control.
This report is significant as it provides concrete evidence of how extensive, unlicensed gambling and crypto-payment ecosystems persist across the EU, often protected by offshore licenses and weak cross-border enforcement. It illustrates how operators with hundreds of millions in player funds can disappear from one jurisdiction and reemerge under a new name in another, all while avoiding debt settlement and accountability.
The Maltese IGA Group, marketed as an “award-winning iGaming service provider,” serves as a crucial node in a global network that enables offshore gambling operations, including the controversial BC.GAME platform. Founded in 2017 by Mario Fiorini, the IGA Group offers licensing, compliance, and trust services to online casinos, leveraging its connections to politically exposed persons (PEPs) and lax regulatory jurisdictions.
In terms of asset transfers and bankruptcy fraud, IGA Trust B.V. (formerly Wyze Management B.V.), a subsidiary of the IGA Group based in Curacao, facilitated the transfer of BC.GAME’s assets from the bankrupt Blockdance B.V. to Small House B.V. in April 2024, leaving behind over $2 million in unpaid player winnings and liabilities. Mario Fiorini, the CEO of IGA Group, is accused of orchestrating these transfers to protect assets from creditors, with forensic reports alleging violations of Curaçao’s criminal code, including embezzlement and money laundering.
After the collapse of Small House B.V., BC.GAME transitioned to Twocent Technology Limited in Belize, which operates under an Anjouan Gaming license. IGA Trust B.V. managed this license transition, ensuring operational continuity despite regulatory bans in Europe, North America, and Asia-Pacific.
The IGA Group has also been implicated in political and regulatory collusion. Through Mario Galea, the former CEO of the Malta Gaming Authority, and Aideen Shortt, a PR consultant, the group designed a provisional licensing system for Curaçao’s Gaming Control Board (GCB) that granted 155 licenses without transparency, including one to BC.GAME. Javier Silvania, Curaçao’s Finance Minister, is currently facing criminal investigations for allegedly facilitating IGA Group’s licensing fraud.
In the Rabidi case, IGA Trust B.V. played a central and controversial role, mirroring its involvement in the BC.GAME scandal. It facilitated the transfer of assets and gambling licenses from Rabidi N.V. to Adonio B.V. shortly before Rabidi’s bankruptcy, allegedly shielding assets from creditors and regulators. The asset transfers are claimed to have violated Curaçao’s criminal code, particularly regarding embezzlement and money laundering. Both Rabidi and Adonio relied heavily on cryptocurrency transactions, which are illegal under Curaçao law, allowing for anonymous operations and potential money laundering.
In conclusion, IGA Trust’s involvement in the Rabidi case provided the legal and operational framework for asset and license transfers that enabled Rabidi’s operators to evade creditors, regulators, and law enforcement. This was accomplished through a combination of offshore structuring, regulatory manipulation, and the use of cryptocurrencies for anonymous transactions. The same network and tactics employed in the Rabidi case were also evident in the BC.GAME scandal, highlighting a systemic abuse of Curaçao’s regulatory environment by the IGA Group and its associates.
The key entities and individuals involved in these operations include:
IGA Group: The parent company that provides licensing, compliance, and trust services to BC.GAME, currently under investigation in Malta.
IGA Trust B.V.: This entity facilitated asset transfers for both BC.GAME and Rabidi, previously known as Wyze Management B.V., and is accused of money laundering in Curaçao.
Mario Fiorini: As the CEO of the IGA Group, he faces accusations of embezzling assets from BC.GAME and is subject to criminal complaints in Malta.
Mario Galea: The former CEO of the Malta Gaming Authority, he is recognized as the architect of Curaçao’s provisional licensing system and is currently under investigation.
Aideen Shortt: A public relations advisor linked to Galea, she has been implicated in the licensing fraud and is also under investigation.
Javier Silvania: The Finance Minister of Curaçao, he is facing a criminal probe for allegedly enabling the IGA Group’s fraudulent licensing operations.
Blockdance B.V.: The original operator of BC.GAME, which is currently under investigation in Curacao.
Twocent Technology Limited: The current operator of BC.GAME, functioning under an Anjouan Gaming license in Belize.
Rabidi N.V.: The original operator of Rabidi, which has since gone bankrupt.
Adonio B.V.: A new entity involved in the Rabidi scheme, currently under investigation in Curacao.
The implications of these findings are profound, as they reveal the extent to which unregulated gambling and cryptocurrency operations can thrive in jurisdictions with lax oversight. The ability of these entities to shift operations across borders without accountability poses significant challenges for regulators and law enforcement agencies. The evidence compiled in the report underscores the urgent need for enhanced regulatory frameworks and international cooperation to combat such illicit activities effectively.
In summary, the comprehensive forensic intelligence report sheds light on the intricate web of operations involving Rabidi N.V., Liernin Enterprises Ltd., and the IGA Group. It highlights the systemic issues within the regulatory frameworks of jurisdictions like Curaçao and the ongoing challenges posed by unlicensed gambling and cryptocurrency operations. The findings call for a reevaluation of regulatory practices and greater vigilance to prevent similar abuses in the future.
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