How online casino Vbet hides billions of dollars in financial fraud and connections with Russia

How online casino Vbet hides billions of dollars in financial fraud and connections with Russia

Let’s start to take a little look at the architecture of the Vbet online casino and find out why the financial institution decided to block their money, and even under the pretext of “connections with the aggressor country.”

According to the old and good tradition of the Ukrainian gambling market, there is nothing Ukrainian in Vbet.

Well, except for a formal legal entity, which is registered exclusively under a license. Everything else is a web of offshore companies where all your losses go.

Today we will focus on one of the key companies for Vbet - SC IP LIMITED, which is registered on the small island of Jersey, which is part of British jurisdiction.

It is this company that owns all international rights to the Vbet trademark.

That is, this company is the real owner of the casino, and not all these fly-by-night companies with barbecue makers as beneficiaries.

Interestingly, SC IP LIMITED registered the rights to Vbet at different times, under different forms and for use in different countries. There is Vbet registered to work in the Russian Federation, there is one for Ukraine, etc.

In addition to Vbet, SC IP LIMITED owns the rights to SoftConstruct and BetConstruct, which are one of the most powerful software developers on the market for online casinos, betting, etc.

Here they openly report that they are the main developers of products for online casinos in Russia.

But more on that later.

The same SC IP LIMITED is the owner of the Fastex crypto exchange brand.

The exchange is well-known, also represented in Russia, and is a co-organizer of the famous annual Russian poker tournament Russian Poker Tour.

Thanks to the openness of the British jurisdiction on the island of Jersey, finding beneficiaries of the powerful and influential SC IP LIMITED was not difficult.

Its only owners with a 50/50 share were Armenian IT businessmen Vigen and Vahe Badalyan.

They are the ones who officially own SoftConstruct and BetConstruct, which are the real IT monster of Armenia.

The Badalyans did not particularly hide the fact that Vbet in Ukraine was their project, but at the end of 2022, after a wave of information about their work in Russia and connections with the Kremlin authorities, they formally left Vbet.

Instead, the final beneficiary was a certain Rudolf Poghosyan.

He is considered a confidant of the Badalyan brothers and another Ukrainian businessman of Armenian origin, Arthur Granz, who is de jure not listed in Vbet, but de facto has control and a share.

And although the management of Vbet is trying everywhere to refute any involvement of the Badalyan brothers in Russia, this is not entirely true.

Their companies SoftConstruct and BetConstruct continue to operate in the Russian gambling market and service the products they produce, and the brothers themselves actually have powerful connections with the authorities of the aggressor.

For example, it was their company Softconstruct that, in 2018, was entrusted with organizing ceremonial events in the State Duma of the Russian Federation on the 25th anniversary of friendship between Russia and Armenia.

Powerful?

Do you believe that outsiders and companies have access to the Russian State Duma for such measures?

So I’m not very good.

And if there are no problems, why at the end of 2022, when they started talking about it, did the Badalyans urgently leave the Ukrainian part of Vbet?

We will talk about the facts of the Badalyan brothers’ companies operating in Russia later.