Paresh Raja, the founder of the now-collapsed British shadow bank Market Financial Solutions (MFS), reportedly spent millions gambling at two Mayfair casinos, according to sources familiar with his activities. The casinos involved are the Palm Beach Casino and the Colony Club, both located in the upscale London district known for its exclusive gaming venues.

MFS went into administration in February amid claims that approximately £1.3 billion was misappropriated, leading to ongoing legal and financial scrutiny. Raja and his wife have been accused in a separate lawsuit filed by some of MFS’s creditors of transferring more than £408 million from funds managed by the shadow bank into their personal accounts across multiple jurisdictions, including the United Kingdom, Monaco, Singapore, and the United Arab Emirates. The allegations also include the purchase of an extensive luxury car collection, reportedly comprising three Aston Martins, two Mercedes, six Ferraris, and three Rolls-Royces.

Raja has denied any wrongdoing, maintaining that there was no fraud or dishonesty associated with MFS’s operations. However, sources close to his gambling habits describe Raja as a high-stakes player who frequently wagered up to £60,000 per spin at roulette tables. He is said to have had a debit card approved by the casinos allowing withdrawals up to £600,000 per day, a facility reportedly rare even among Mayfair’s affluent clientele.

Following the easing of COVID-19 restrictions in the UK, Raja is believed to have deposited nearly £1 million with the casinos in Mayfair, which are operated by Genting, a Malaysian conglomerate with a global portfolio of more than 50 casinos across three continents. According to those familiar with his behavior, Raja would spend extended periods gambling and drinking at the Palm Beach Casino, and if funds remained, he would travel to the nearby Colony Club to continue playing.

The financial troubles of MFS, which described itself as a specialist lender offering buy-to-let mortgages and bridging finance—a type of short-term property-backed loan designed for borrowers who may not qualify for traditional banking products—have raised questions about the firm’s financial management and oversight.

Earlier this year, Raja was subjected to a worldwide freezing order that restricts his spending to no more than £5,000 per week without the approval of creditors. A spokesman for Raja declined to comment on what was described as a “personal vilification campaign.” Genting did not respond to requests for comment.