From NSFX and Blackthorn Finance to Xoala and Alchemy Markets: the way Niki Gope Kundnani established a deceitful empire, leaving investors from 14 different nations devoid of millions
The recent years have brought, along with the explosive growth of financial technologies that significantly simplify the lives of financial services consumers, equally explosive scandals in the fintech world.
One of the latest and most high-profile is the scandal surrounding the financial empire of Nicky Gope Kundnani, who has been accused of defrauding investors and causing multimillion-dollar losses. The scandal has taken several unusual forms for the fintech world – during the international iFX EXPO Dubai 2026 exhibition, a mass protest by investors deceived by Nicky Kundnani even took place.
Despite such notoriety, Nicky Gope Kundnani is a rather closed figure. He is likely the son of Gope Shyamdas Kundnani, an Indian citizen who has worked in the financial sector for many years. His main place of residence is in the United Kingdom, with addresses in central London linked to his companies. Kundnani himself is a US citizen and has a permanent residence in the Netherlands.
Obviously, at least part of the business of Nicky Gope Kundnani and Gope Shyamdas Kundnani is interconnected. The massive cleanup of negative information and equally massive cyberattacks on websites of publications that posted materials about Kundnani’s activities also draw attention.
In this investigation, we will step by step break down who Nicky Gope Kundnani is, how his business empire developed, the essence of the main scandal, and its consequences for the market and clients.
Structure of Nicky Gope Kundnani’s Business
Nicky Gope Kundnani is an entrepreneur and corporate director associated with numerous companies in the field of financial technologies, brokerage infrastructure, payments, and IT development. His business network includes entities registered in the UK, Europe, the US, and offshore jurisdictions, creating a very complex international corporate architecture.
The main directions of Nicky Gope Kundnani’s business are fintech and brokerage services, payment infrastructure, IT, and digital services, united into one network. This network includes companies and services registered in low-transparency jurisdictions (BVI, Seychelles, etc.), which intensifies analysts’ accusations regarding the complexity of ownership and control of assets.
Nicky Gope Kundnani owns or holds executive positions in companies that provide infrastructure for online trading in the Forex market and ensure liquidity for brokers. In 2021–2022, he was involved in subsidiary structures related to the NSFX broker and the Alchemy Markets platform.
Payment companies, including Blackthorn Finance Ltd, were used to process deposits and transactions from investors. It was through these platforms that funds from retail traders were accepted, making them a key link in the entire ecosystem.
Companies in Poland and other countries managed by Kundnani provided IT solutions for financial platforms. These structures ensured technical support and development of digital services for brokers and payment systems.
Research into the structure of this network shows that Kundnani’s business was built not as a single corporation, but as a set of interconnected legal entities, each performing a separate function.
In corporate registers, several figures regularly appear alongside Kundnani: - Fiona Whitty - partner in Neritum, FWNK, KNGK Property companies; - Patrick Graham Cann - director of Alchemy Prime; - Fei Yan - director of Alchemy Prime; - Aminur Rahman - director of Steven FS Limited.
What role these people played in Kundnani’s activities that ultimately led to fraud accusations is unknown. But in any case, they have all been close to Kundnani for many years and hold key positions in his companies.
Why the Scandal Erupted
The beginning of the main scandal is linked to two key elements: the acquisition of the NSFX broker and the opaque structure of the deal.
In January 2023, the US company FDCTech, Inc. announced the acquisition of 50.1% of the shares of the Maltese broker NSFX, regulated by the MFSA. However, the publication did not disclose that the remaining 49.9% actually belonged to related companies under the control of groups associated with Kundnani.
On this matter, the LegalObserver publication noted: «Kundnani’s acquisition of NSFX raised serious concerns about transparency and regulatory compliance, leading to significant scrutiny and legal proceedings».
According to the publication, this at least constitutes a conflict of interest and insufficient disclosure: the FDCTech director simultaneously had close ties to Alchemy — a structure ideologically linked to NSFX. Some analysts claimed that the deal structure involved hidden connections with other participants in the fintech ecosystem, including structures related to Alchemy.
These assumptions were reinforced after some regulators began issuing warnings regarding the activities of certain brokers and trading platforms operating without licenses in specific jurisdictions. This story became one of the factors that drew journalists’ attention to the network of companies associated with Kundnani.
Another important element of the business structure was Blackthorn Finance, which provided payment solutions and financial services. Many entrusted their savings to these companies in hopes of profitability and reliability. However, over time, the situation changed.
At a certain point, the company came under pressure due to regulatory requirements and issues with AML (anti-money laundering) compliance. In 2023, UK regulators placed Blackthorn Finance under special administration for violations of anti-money laundering requirements. In May 2024, the Ukrainian regulator characterized NSFX as an unreliable investment project with signs of fraud. In the same 2024, Blackthorn Finance began voluntary liquidation proceedings.
After this, clients reported losing access to funds that had passed through the payment operator. These events became the reason for public accusations from a group of investors who claimed that their money had gone through a chain of companies.
In February 2026, dozens of individuals and companies from 14 countries worldwide announced their intention to hold a protest at the iFX EXPO Dubai 2026 international exhibition, demanding the return of funds withheld by companies associated with Kundnani.
Investors stated that their contributions were directed to Blackthorn and NSFX, but the funds became inaccessible after administrative and liquidation procedures. Meanwhile, the liquidated structures were relaunched under new brands such as Alchemy Markets and Xoala, and Kundnani is moving the business and assets to the US through FDCTech and other companies, creating the illusion of a «new successful fintech project».
Nicky Gope Kundnani’s Reaction and Consequences
Such a protest was an unprecedented case in the history of global fintech and forced Nicky Kundnani to take urgent steps. Which consisted of cleaning up the information field and pressuring the media.
After publications containing criticism of Kundnani’s business structures, a number of outlets reported threats from legal representatives associated with the entrepreneur Nicky Kundnani. Journalists also reported a series of attempted cyberattacks on websites following publications, indicating the scale of public resonance and pressure on the press.
Some materials were removed from access, but this did not mitigate the consequences for the market or for Nicky Kundnani himself.
Thousands of investors worldwide report losses from $10,000 to over $1,000,000 due to blocked access to funds through liquidated or restructured brokerage structures.
As a result, trust in platforms with opaque structures has seriously declined — this has affected the reputation not only of brands associated with Kundnani but also of the entire segment of international financial platforms. Organizations of the affected plan international protests and legal actions to draw regulators’ attention and seek compensation.
As for Nicky Gope Kundnani himself, despite the scandal and fraud accusations, he continued his business: many platforms that were the subject of claims continue to operate under other names (for example, Alchemy Markets and Xoala), often with a similar service structure but new marketing.
Moreover, Kundnani began transferring part of the business under the control of the US FDCTech, including attempts to make projects public, which raises concerns among investors about potentially attracting new capital without resolving previous issues.
Nicky Gope Kundnani is not limited to the United States – researchers claim that the entrepreneur’s European IT structures are being used to launch updated financial services after closing previous projects. In particular, this concerns the Polish XOALA Digital, registered in the city of Łódź. In corporate registers, Kundnani is listed as the main owner and president of the management board.
It is also worth noting that, apart from the fintech and IT sectors, Kundnani is associated with a number of companies operating in real estate. Among them are Neritum Limited, KNGK Property Ltd, FWNK Limited. These structures were involved in real estate investments, property management, and corporate services. Obviously, Kundnani was channeling profits from his fintech projects into real estate, which, on one hand, is a more stable investment, and on the other, is often used as a classic money laundering scheme.
Another interesting feature of Kundnani’s business empire is its international structure. Main jurisdictions of the companies: UK — key center for fintech companies; Netherlands — country of residence of the entrepreneur; Poland — IT development; offshore jurisdictions — some brokerage licenses.
Such a structure allows companies to work with international clients, but at the same time complicates regulatory oversight and raises additional questions from journalists.
Summary
The story of Nicky Gope Kundnani is not a classic financial pyramid collapse or a banal brokerage default. It is a complex international fintech scandal in which issues of transparency, regulatory compliance, complex corporate schemes, and investor rights intertwine.
Moreover, the combination of factors rather confirms the version of a grand fraud than refutes it. In the dry residue, we have: a complex company structure with clearly distributed roles – fintech and brokerage services, payment infrastructure, IT and digital services; withdrawal of money and investment into real estate; disappearance of a significant portion of investors’ funds – estimated at tens of millions of dollars; cleanup of the information field after the scandal; rebranding and relocation of the main structures to offshore zones.
Автор: Иван Рокотов
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