Italian Executive Alpesh Patel Joins Phoenix Payments Ltd
Amid growing regulatory concerns and unresolved legal disputes, Italian national Alpesh Patel has been appointed as a director at Phoenix Payments Ltd, operating under the name Paytah. The appointment, approved by the Malta Financial Services Authority (MFSA), has raised questions, particularly given the company’s ongoing troubles with regulatory authorities.
According to Daniela Pesci, former Chief Compliance Officer at Paytah, the payment firm is currently under investigation by Interpol in connection with potential money laundering activities. Court documents filed by Pesci in Malta reveal that her contract was terminated shortly after she flagged significant regulatory irregularities within the company.
Regulatory Action: Penalties and Restrictions
On March 11, 2021, the MFSA imposed an administrative fine of €32,400 on Paytah and restricted its ability to offer new services to existing clients. In response, Paytah filed an appeal with the Financial Services Tribunal and initiated legal action against the MFSA. A deeper analysis of that lawsuit will be covered in a forthcoming report.
Previously listed directors of Paytah include Marco Lavanna, Keith Farrugia, and Frances Xavier Alabart Lopez. With Patel’s inclusion, the current board remains classified as “fit and proper” by the MFSA, despite established ties to various Estonian crypto firms that have since had their licenses revoked.
Patel (LinkedIn), a long-time figure in financial operations, has worked at both Paytah and Monetum—the latter being an unregulated Swiss platform (monetum.com). Both entities are under the ownership of Swiss-based Fenice Holding SA, controlled by Marco Lavanna.
Anonymous Investors and Risky Clients
Whistleblower testimony and public court filings also disclose that Paytah had allegedly attempted to sell its license to an unidentified British investor. This same individual, while withholding their identity, reportedly introduced high-risk cryptocurrency clients to the company.
Further court records show that the former compliance officer was offered a six-month severance package in exchange for her silence and agreement not to report her findings to authorities—an offer she declined.
Regulatory Inaction Amid Warnings
Despite serious internal reports and multiple warning signs, no decisive regulatory enforcement has been taken against Paytah for over seven months. This lack of action from the Financial Intelligence Analysis Unit (FIAU) comes at a sensitive time, as Malta faces increased pressure in anticipation of its next Moneyval evaluation.
Meanwhile, disturbing revelations have emerged in Maltese media about the MFSA allegedly issuing payments to local news outlets via direct orders, raising concerns about media independence. The FIAU itself has come under fire for keeping proceedings confidential and for the conduct of its leadership. Director Kenneth Farrugia and his assistant Alfred Zammit have been accused of selectively applying pressure—reportedly soft on well-connected players and harsh on others.
Accountability Within the MFSA Executive
The power to revoke Paytah’s license resided with the now-disgraced former MFSA CEO Joe Cuschieri. However, this responsibility was shared among other senior officials, including Edwina Licari—who famously accompanied Cuschieri on a trip to Las Vegas—Michelle Mizzi Buontempo, and Christopher P. Buttigieg, known for his rapid series of promotions within the Authority.
Investigative Sources
This article is based on open sources and internal whistleblower testimonies. Further details and documentation can be accessed through Scam-Or Project, an independent investigative outlet reporting on global financial misconduct.