A deep-dive investigation by Bavarian broadcaster BR has revealed significant connections between the collapsed Wirecard and Berlin-based SoftSwiss, which is run by Belarussian-born Ivan Montik. This report is part of BR’s series titled “Gambling without Rules” and highlights SoftSwiss’ extensive involvement in operating illegal online casinos that target Germany. The findings, which are supported by earlier research from FinTelegram and the Australian regulator ACMA, illustrate a highly sophisticated and concealed gambling network that spans Malta, Cyprus, Curaçao, and Germany.
The investigation identifies SoftSwiss, founded by Ivan Montik, as a critical player in illegal online gambling operations, with ties to Berlin. It alleges that SoftSwiss and its associated entity, Direx N.V. (now known as Dama N.V.), processed over €61 million through Wirecard, which was one of its highest-turnover customers before Wirecard’s collapse in 2020. Official letters from the Australian regulator ACMA confirm that Ivan Montik and Maksim Trafimovich were the key figures behind Direx N.V., which operated numerous illegal platforms. Additionally, the investigation points to complex ownership structures, with millions being transferred between N1 Interactive Ltd (Malta) and Dama N.V. (Curaçao), indicating concealed ownership and tax avoidance strategies. The role of former Wirecard executive and Russian operative Jan Marsalek is also highlighted, as he directly requested sales reports from SoftSwiss, raising further suspicions.
According to the BR report, Ivan Montik, a German entrepreneur born in Belarus, currently resides in Berlin, where a SoftSwiss office is also located. The SoftSwiss website indicates that Stable Aggregator Limited, previously known as N1 Aggregator Limited, operates under a license from the MGA in Malta. The investigation reveals a complex network surrounding the Maltese SoftSwiss entity, which extends to companies in Cyprus, Austria, Lithuania, and both North and South America, primarily managed through nominees. The SoftSwiss network operates globally and is supported by the law firm Revera, where Helen Mourashko, the wife of SoftSwiss and CoinsPaid executive Pavel Kashuba, serves as the partner in charge.
BR’s latest investigation, “Gambling without Rules,” has uncovered shocking new details about the illegal gambling network linked to Ivan Montik’s SoftSwiss Group. The findings, bolstered by months of investigative research from FinTelegram, show that operations extend well beyond tax havens like Curaçao and Costa Rica, reaching deep into Berlin. The report reveals that SoftSwiss, through its former entity Direx N.V. (now Dama N.V.), has been running illegal online casinos aimed at German players. Notably, the investigation uncovered financial transactions worth millions between N1 Interactive Ltd (Malta) and Dama N.V., suggesting deliberate attempts to obscure ownership and evade taxes. In March 2023, the Dutch regulator fined MGA-regulated N1 Interactive Ltd a record €12,640,000 for operating illegal gambling platforms.
SoftSwiss’s significant involvement with Wirecard, the disgraced German payment processor, is a critical revelation. Insolvency documents indicate that in 2018, SoftSwiss facilitated transactions worth approximately €61 million through Wirecard, making it one of Wirecard’s top customers. Emails from former Wirecard COO Jan Marsalek reveal a deep collaboration, as Marsalek personally requested financial reports from SoftSwiss in 2020, shortly before fleeing prosecution.
The Australian regulator ACMA has further confirmed that Ivan Montik and Maksim Trafimovich are the operators behind Direx N.V., reinforcing Montik’s role as the architect of this gambling empire. These findings align with court documents from the British Virgin Islands that link Montik and Pavel Kashuba to Cyprus-based Befree Ltd, another operator of illegal online casinos. The central role of Ivan Montik in the SoftSwiss Group and in founding the crypto payment processor CoinsPaid is also detailed on his website.
Wirecard’s collapse in June 2020 appears to have triggered structural changes within Montik’s network. Around this time, Direx N.V. was renamed Dama N.V., while SoftSwiss’ crypto payment processor Dream Finance OÜ, doing business as CoinsPaid, emerged as a new entity for payment facilitation. Behind this is the Austrian company A.R. Merkeleon GmbH, which represents another link to Montik’s growing influence in the online gambling and crypto payments space.
BR’s investigation highlights the critical role Wirecard played in facilitating illegal gambling operations through SoftSwiss. Emails indicate Jan Marsalek’s direct involvement, raising concerns about the influence of Russian intelligence in international payment networks. The demise of Wirecard in 2020 coincides with major structural shifts, suggesting efforts to protect the gambling operations under scrutiny. Marsalek, who has been identified as a former Russian spy and evaded prosecution by fleeing to Russia, personally requested sales reports from the SoftSwiss Group in 2020. It remains unclear what his current relationship with SoftSwiss and Ivan Montik is. In this context, Montik and his partner Kashuba sold a 60% stake in the Cypriot company Befree for €21 million in 2019 to Russian entrepreneurs Roland Isaev and Paata Gamgoneishvili.
FinTelegram’s previous research has uncovered critical links between SoftSwiss, CoinsPaid, and illegal gambling platforms operated through Malta and Curaçao. They have obtained a letter from ACMA confirming that Montik and Trafimovich are the leaders behind Direx N.V. Additionally, court documents from the British Virgin Islands reveal that Montik and Kashuba are the owners of Befree Ltd. There is also evidence connecting the emergence of CoinsPaid, which was established in August 2019, with Montik’s attempts to consolidate control over crypto payment processing for gambling platforms.
Despite these extensive findings, German regulators, such as GGL (Gemeinsame Glücksspielbehörde der Länder), continue to face significant challenges in curbing illegal gambling activities. Measures like IP blocking and payment prohibitions are routinely circumvented by platforms operating overseas. GGL’s acknowledgment that SoftSwiss holds no license in Germany and has not applied for one highlights the lack of oversight and enforcement power in this area.
In conclusion, the BR investigation, in conjunction with FinTelegram’s earlier reports, paints a clear and alarming picture of a global network of illegal gambling operations. Ivan Montik’s SoftSwiss Group, with its complex web of companies spanning Germany, Malta, Cyprus, and Curaçao, remains central to these activities. The connections to Wirecard and the involvement of figures like Jan Marsalek underscore the urgent need for regulatory intervention to address these issues.
FinTelegram has called for information from whistleblowers and insiders who may have further knowledge about SoftSwiss, CoinsPaid, or their associated entities. They encourage individuals to submit tips securely through Whistle42.com to help continue shedding light on this vast and opaque network.