In March 2021, we reported the disappearance of the high-risk processor OctaPay, which was allegedly the successor to the infamous collapsed Indo-British high-risk payment processor iPayTotal. Both reportedly each disappeared with their merchants’ money. In Feb 2021, Octapay Limited applied for a voluntary strike-off, suspended by Companies House. Whistleblowers informed us that another version of OctaPay with a different domain and logo is still active as a high-risk payment processor in Brazil. If and how these OctaPay ventures are related, we do not yet know.
|Business||high-risk payment processor|
|Legal entity||Octapay Limited (UK)|
Octapay Soluções em Pagamentos Online LTDA (Brazil)
OctaPay used to be an unregulated UK-based high-risk payment processor and scam facilitator. Madhumita Madhumita (previously known as Madhumita Singh) was OctaPay‘s founding shareholder and director in the UK. She resigned as a director in March 2021. OctaPay‘s various websites and LinkedIn profiles vanished.
This UK-version of OctaPay was part of the network of the notorious British-Indian high-risk payment processor and scam facilitator iPayTotal network around Madhumita Singh, Anurag Pratap Singh, Aditya Williams, Ruchi Rathor, and Sen Kugan.
OctaPay in Brazil started operations sometime in the spring of 2021. That was around the time the UK version disappeared. If and how the two OctaPay versions are connected to each other, we cannot determine at this time.
The iPayTotal troubles
In Oct 2020, the UK High Court of Justice ordered the insolvency and dissolution of iPayTotal Ltd. Hence, the scheme operator continued to run that iPayTotal business through the UK entity iPaySolutions Ltd controlled by Senthooran Kuganathan a/k/a Sen Kugan. In October 2021, the company filed for liquidation at Companies House. The websites and social media presences have since disappeared, as have the acting persons.
IPT – SOLUTIONS PT in Portugal is still operating the iPaytotal business with the website www.ipaytotal.global. Brazil is a Portuguese-speaking market addressed by iPayTotal. As does the Brazilian OctaPay. This may or may not be a coincidence.
If you have any information about both versions of OctaPay or iPayTotal, please share it with us through our whistleblower system, Whistle42.