The US government's witch hunt against the Gibraltar based gambling giant,
Party Gaming may be coming to an end after the company's founder and
ex-officer, Anurag Dikshit travelled to the United States in order to plead
guilty to charges, including the violation of the US Federal Wire Act.
As part of a massive cooperation deal, Dikshit agreed to forfeit $300 million
to the US government. It was announced that the first instalment of the money
has already been paid, and the rest will be paid out by the time sentencing
against Dikshit occurs, or before September 30th, 2009 - whichever comes first.
Dikshit, originally from India and who now lives in Gibraltar, is considered
one of the richest people in the world. Forbes estimated that his personal
fortune is worth over $1.6 billion.
According to charges brought against Dikshit, he was charged with developing
proprietary software to be operated on Party Gaming's platform between 1998 and
2006, until the company dropped out of the US gambling market following the
introduction of the Unlawful Internet Gambling Enforcement Act.
Prior to the UIGEA, Party Gaming's customer base comprised 85% US citizens,
and its departure from the market dealt a heavy blow to the company and one that
it is trying to recover from even today.
Dikshit demonstrated absolute desire to cooperate with US authorities and
travelled from Gibraltar at his own free will. Although bail was set at $15
million, he was not required to post any cash or property. "Mr. Dikshit decided
to come to the United States to ender the plea under his own volition," said the
tycoon's lawyer, Mark Pomerantz. "He's been interviewed in Europe. We believe
Mr. Dikshit is dedicated to following through."
It is believed that the prosecutors will request that the judge show leniency
when sentencing Dikshit, who can face up to 2 years in prison.
