Founder of Collapsed Shadow Bank Accused of Using Millions in Mayfair Casinos
Paresh Raja, founder of the collapsed British shadow bank Market Financial Solutions (MFS), is accused of gambling millions at high-end Mayfair casinos. According to a source familiar with his activities, he spent up to £60,000 per spin on roulette and had access to daily limits as high as £600,000 through casino debit cards. Raja faces allegations that over £408 million was transferred from MFS-managed funds into personal accounts across the UK, Monaco, Singapore, and the UAE. The company collapsed earlier this year amid claims of a £1.3 billion fraud involving misappropriated assets used to fund Raja's lavish lifestyle, including multiple luxury cars. MFS operated as a bridging lender with a loan book valued at around £2.5 billion before its collapse in February 2026 and was backed by major financial institutions like Barclays and Santander.
