Ganapati is quickly turning from a success story into something else entirely. The B2B games supplier has been riding high at gaming conferences with celebrity endorsed products, but a recently surrendered license, alleged investment scam, and mounting debts could signal a scandalous end to this once promising firm.

Under the radar, Ganapati has recently surrendered their Malta gaming license, something which the Malta Gaming Authority (MGA) website confirms. This move was made without any apparently announcement or explanation.

However the company has come under fire in Japan. The Toyo Keizai reports Joint company GPJ Venture Capital, a subsidiary of Ganapati, has raised 16.6 billion yen ($150 million) in investments from elderly Japanese people over the phone. The investment, as they described it, would be in an online casino and crypto development. Ganapati prominently markets their online casino games portfolio and blockchain product, GanaEight Coin (G8C), on their website.

The article reveals that the company never properly registered for this type of investment scheme, and particularly not for one involving some type of digital asset. It also alleges that the company, which appears to have a majority stakeholder in a single Japanese individual, may have registered in the U.K. as a way of soliciting funds in Japan without alerting Japanese officials.