At first look, Ali Kassab suits the profile of a profitable entrepreneur within the world fintech house. With sharply tailor-made fits, a cultured digital presence, and a frequent talking function at trade occasions from the Gulf to Europe, he casts the determine of somebody on the chopping fringe of fashionable funds infrastructure. However over the previous 18 months, a vastly completely different portrait has begun to emerge — one which a number of retailers, authorized professionals, and cost insiders imagine alerts a sample of deeply troubling exercise working underneath the title of Freedom PSP.
Kassab’s title has surfaced throughout quite a few testimonies, doc trails, and authorized inquiries — not as a visionary, however as the point of interest of what a number of affected enterprise homeowners now allege is a coordinated, high-value sample of fraudulent conduct.
“He regarded credible. His web site was clear. His pitch made sense. Then the cash stopped coming,” says one European service provider, who has requested anonymity for private security. “Every thing modified the second we scaled up. Settlements stopped. Explanations changed into excuses. Then silence.”
This service provider is just not alone. A number of corporations throughout France, Germany, and the United States have reported related experiences. The frequent thread? They had been onboarded by means of Freedom PSP, a white-label cost service supplier operated by Kassab. Preliminary interactions had been clean — environment friendly onboarding, verbal ensures of “direct acquirer relationships,” and quick payouts. However in every case, as soon as quantity grew, settlements had been allegedly paused indefinitely.
Shifting Narratives, Vanishing Funds
The reasons provided by Kassab’s staff — once they had been provided in any respect — assorted from shopper to shopper. Some had been advised their chargeback charges had crossed compliance thresholds. Others had been advised their accounts had been “underneath inside overview” attributable to third-party financial institution insurance policies. However in response to sources aware of the scenario, no concrete documentation supporting these claims was ever supplied.
“At first, we believed it is perhaps a technical situation,” one service provider advised us. “However weeks turned to months. Refunds had been ignored. Consumer complaints mounted. We realized we had been not coping with a companion. We had been being stalled — on objective.”
As of this writing, collective losses alleged by retailers linked to Freedom PSP exceed €500,000 — a determine that continues to climb. Some victims suspect the precise quantity could also be far greater, particularly provided that many impacted retailers have chosen to stay silent attributable to worry of retaliation.
A Fractured Picture Behind the Public Persona
Regardless of these mounting claims, Kassab continues to current himself as a good chief inside the funds house. He stays lively on LinkedIn, engages at fintech expos, and has been noticed talking at conferences — typically introducing himself as a family-oriented founder dedicated to innovation.
However behind that rigorously curated picture lies a troubling distinction.
A number of sources declare that Kassab has been financing a lavish private way of life — together with worldwide journey, high-end luxurious purchases, and time spent overseas with a girlfriend — all whereas claiming to be a conservative, family-centered skilled. In keeping with one sufferer, “He’s residing off the cash he hasn’t paid us. He’s utilizing service provider balances to construct his way of life whereas we’re left explaining to our personal clients why their refunds by no means got here.”
Authorized Motion and Mounting Proof
Authorized efforts have already begun in France, the place a number of victims — with the assist of regional authorized counsel — are compiling a proper case file geared toward freezing belongings and acquiring redress. These developments observe months of tried decision by means of personal negotiation, all of which, in response to the complainants, had been both ignored or met with additional deflection.
Whereas no prices have been formally filed as of but, people with data of the case verify that proof is being collected for submission to related regulatory authorities in a number of jurisdictions, together with these in america, the place a part of the exercise —
together with suspected unlicensed monetary operations and former connections to high-risk monetary merchandise — might fall underneath federal concern.
Shell Corporations, Aliases, and the Community Impact
One factor that has significantly alarmed compliance professionals is the rising variety of entities linked to Kassab — lots of which seem, on the floor, to be unrelated.
Amongst them is a enterprise registered at a central London digital workplace, itemizing a person recognized to be affiliated with Kassab’s operations as its director. In keeping with a number of sources, this deal with has been linked to service provider accounts and invoicing programs linked to Freedom PSP. One particular person aware of Kassab’s infrastructure claims that “these corporations don’t function independently. They’re a part of the identical machine. Every title, every deal with serves a objective in separating legal responsibility and complicated investigators.”
Service provider documentation reviewed by this publication additionally reveals using ambiguous descriptors in transaction data — names that resemble authentic, well-known monetary service manufacturers however which don’t correspond to any verified affiliation.
Notice: Out of respect for the integrity of the authentic monetary establishments being mimicked, we are usually not disclosing the precise descriptor names or financial institution identifiers concerned. These entities are not complicit in any misconduct.
A Local weather of Concern
Maybe probably the most chilling dimension of this example is the ambiance of worry and intimidation described by almost each service provider we spoke with.
“He advised us to remain quiet. That we didn’t wish to create issues,” stated one enterprise proprietor. “One other service provider stated their household was not directly threatened. It’s not simply monetary intimidation. Individuals are scared.”
Due to this, the overwhelming majority of victims have refused to go public, talking solely to legal professionals or legislation enforcement. One former companion stated, “We’re coping with somebody who is aware of learn how to manipulate notion. Who is aware of learn how to use simply sufficient legality to remain one step forward. That’s what makes this harmful.”
The Trade Reacts
Whereas no card scheme or PSP has formally blacklisted Kassab or Freedom PSP on the time of publication, a number of fintech insiders say privately that his title has been marked internally at a number of buying establishments. A compliance officer at a European acquirer confirmed to us: “We’ve seen this earlier than — too clear on the floor, too soiled beneath. However until there’s
authorized traction, these operators transfer to the following setup.”
Which can clarify how Kassab has maintained a public picture whereas allegedly participating in conduct that many insiders imagine crosses the road from dangerous to illegal.
What Comes Subsequent?
The story of Ali Kassab and Freedom PSP continues to be unfolding — however what’s clear now’s that it calls for extra scrutiny. For an trade more and more formed by digital belief and speedy onboarding, additionally it is a warning: the extra seamless the front-end, the tougher it’s to detect what is perhaps hidden beneath it.
For retailers, the takeaway is evident: due diligence should transcend the floor. For regulators, investigators, and world compliance groups, the proof is mounting, and plenty of are now watching carefully.
Whether or not Kassab’s story ends with authorized accountability, negotiated decision, or continued evasion, one factor stays sure: he has change into a case research in how notion might be weaponized — and the way silence might be purchased with worry.
Disclaimer:
Particular descriptor names and banking establishments have been withheld from this report back to keep away from unjustly harming the reputations of authentic, well-established monetary service suppliers. The establishments being referenced are usually not underneath suspicion, nor complicit within the alleged fraudulent exercise described.
