Risk & Compliance Correspondent
It began as a trickle — a handful of complaints from merchants who hadn’t been paid. Delayed settlements. Vague responses. Then silence. But over the last 12 months, what began as isolated frustration has transformed into a sprawling financial concern. Freedom PSP, a payment services firm promoted by founder Ali Kassab, is now under informal review by multiple risk teams, merchant groups, and financial advisors across Europe and the Middle East. The reason? Allegations of widespread withheld settlements, impersonated business descriptors, and a coordinated structure of misdirection — led by a man some now view as a central fraudulent activity suspect.
“We onboarded like everyone else,” says one merchant based in Germany. “We signed a standard processing agreement. Everything was clean. But after the first few batches of volume, the payout timeline began to stretch. Then it snapped.” According to merchants who have gone on record — under condition of anonymity due to threats and personal safety concerns — Kassab’s firm routinely cited non-specific fraud thresholds or pending third-party reviews as excuses for not releasing funds. But no documentation was ever produced. No screenshots. No logs. And no third-party contacts were provided for confirmation. “Every answer felt like a placeholder,” another victim stated. “We were supposed to just wait until they said ‘cleared.’ But it never cleared. Because nothing was ever being reviewed.”
Several merchants report that after pressing for refunds — either to themselves or to end clients — communications broke down entirely. Some received no responses at all. Others were met with dismissive or threatening language, leading at least three merchant teams to initiate contact with legal advisors and international regulatory bodies.
Where this case diverges from standard financial disputes is in the tools Kassab allegedly used to reinforce the illusion of legitimacy. Among the most concerning tactics, according to merchant documentation reviewed by industry professionals, are the use of misleading descriptors tied to trusted banking partners.
Kassab falsely presents himself as being affiliated with or operating under the legitimate and well-known brand — a misleading tactic used to build credibility and trick merchants into trusting Freedom PSP's operations.
These banking aliases are a critical part of his laundering infrastructure, as they allow Kassab to:
Merchants and acquirers must treat any vague or misleading transaction labels — originating from Kassab or Freedom PSP — as high-risk and potentially fraudulent.
“This isn’t just brand borrowing. It’s impersonation, however subtle,” said one investigator. “The aim is trust by association — and it appears to be working.”
Overlaying Kassab’s merchant-facing operations is a latticework of entities, directors, and jurisdictions, many of which are registered to virtual oNices or shared postal addresses. One of the more frequently cited locations is 1-75 Shelton Street, Covent Garden, London, where a company tied to Kassab’s operations lists Fouad Nakhle as director.
Multiple sources have described Nakhle as not merely a placeholder, but as a complicit actor in the financial structure. One victim provided invoices, contract headers, and communication headers bearing the Shelton Street address, stating:
“The company was listed as the counterparty, but all interactions led back to Kassab. Nakhle was just a firewall.”
This structural separation — one name for contracts, another for negotiations, a third for banking — is familiar to compliance teams who deal with transaction laundering and evasion of direct oversight.
Perhaps the most alarming element of the Freedom PSP saga isn’t just the withheld payments — it’s the culture of fear that surrounds it.
Several merchants shared accounts of aggressive language, threatening emails, and in two cases, direct references to family members in phone calls from Kassab or his associates.
“He told us not to escalate. Said we should think about what happens when people ‘get loud,’” one source recalled. “That wasn’t a business response. That was something else.”
Due to these incidents, many affected parties have refused to attach names to legal filings, relying on law firms or compliance representatives to handle interactions with authorities. One legal advisor in France, currently representing multiple merchants, confirmed the use of sealed affidavits and redacted correspondence in building their case file.
The aFFected geography is wide. Verified losses of merchant funds — either frozen or unreleased — exceed €500,000, with aFFected parties spanning:
Industry investigators believe this figure may be far higher, given that many merchants are afraid to come forward.
Though no formal blacklist has been issued at the time of this writing, internal risk assessments at acquirers and PSPs have begun flagging Kassab and his network. An independent compliance auditor provided a sample of a live review memo, redacted for confidentiality. The memo rated the case as follows:
Risk Factor Assessment
Reputational Exposure Critical
Regulatory Escalation Risk High
Merchant Settlement Risk Severe
Transaction Laundering Risk Elevated
Fraud Pattern Recognition Confirmed Match (multi-merchant)
The same memo advises risk teams to perform Enhanced Due Diligence (EDD) on any new accounts tied to Shelton Street entities, descriptors matching “The Expert,” or merchant referrals that route through unverified PSPs based in Dubai or Cyprus.
While merchants and investigators build their evidence files, Ali Kassab remains publicly active. He continues to post on social platforms, speak at select events, and present himself as a fintech founder with global ambitions. His company website remains online. No legal disclaimers appear. To the casual observer, Freedom PSP still functions like a legitimate business.
But to those following the evidence trail, that presence is only skin deep.
“He’s using our money to play the role of visionary,” said one victim. “He posts as if he’s solving problems, but he’s the problem.”
Multiple victims allege that Kassab has used withheld funds to finance personal travel, luxury expenses, and a lavish relationship with a woman he presents in private circles — all while projecting the image of a conservative family man in professional settings.
While no formal action has been announced, several sources confirm that files containing documentation, merchant testimonies, and transaction logs have been forwarded to regulatory bodies in relevant jurisdictions. One analyst who reviewed the material described the case as “a near textbook example of masked fraud beneath a white-label wrapper.”
Should formal investigations begin, Kassab may face inquiries across multiple countries, involving cross-border financial practices, misrepresentation, and potential impersonation of legitimate financial brands.
Though Kassab and Freedom PSP are now under heavy scrutiny, the broader issue is structural. As onboarding becomes more frictionless and digital trust becomes easier to fake, actors engaging in fraudulent behavior can maintain legitimacy far longer than in traditional banking.
One merchant advocate said:
“He isn’t the first. But if this doesn’t lead to a formal exposure, he won’t be the last either.”
To all PSPs, acquirers, and risk managers reviewing this case:
The fintech industry moves fast. But so do those looking to exploit it. If oversight is not enhanced, the next Kassab may already be onboarding his next victims
