On November 19, 2023, the probably last filings for the bankrupt iPayTotal Ltd were made at the UK Companies House. The liquidator Arvindar Jit Singh reported the end of the liquidation. As one of the many high-risk payment processors of the Indian Ruchi Rathor, the insolvency deprived merchants of many millions. The liquidator reports “only” around £1.9 million unsecured claims that were not paid. But insiders say it was much more. The company is dissolved!
The usual pattern of malicious high-risk payment processors is that they disappear via liquidation or insolvency, with merchants losing all their money. We are currently seeing this in the U.S. with Donald Kasdon‘s T1 Payments.
Ruchi Rathor and her frontman Andrey Kovalchuk, who was appointed as a director shortly before the insolvency in October 2020, also wanted to disappear quietly and secretly with iPayTotal Ltd. They filed for a voluntary strike-off at UK Companies House in July 2020. Creditors (merchants) have objected to this. Thus, the voluntary strike-off was suspended.
In October 2020, the UK High Court of Justice ordered iPayTotal‘s insolvency. This did not help the creditors. The fact is that the merchants have lost many millions. As most of these merchants earn their money on the dark web, they were unable to sue and register their claims with the liquidator. The operators of high-risk payment processors, such as Ruchi Rathor or Donald Kasdon, are speculating on this.
If you have any information about Ruchi Rathor, iPayTotal, or other high-risk payment processors, please let us know via our whistleblowing system, Whistle42.