This guest post was written by an insider from Ruchi Rathor‘s group. In the past, we have written many times about the many high-risk payment processors around Ruchi. This is a super-tough business and certainly not for the faint-hearted. After a plausibility check of this guest post (Guest Submissions here), we decided to publish it. We can neither confirm nor falsify the content. We think that these reports are in any case valuable to learn information about backgrounds and acting persons. If you have any comments, you can send them to us via our whistleblower system, a comment, or a guest post.
New information on the infamous iPayTotal Group. Back in 2020, iPayTotal was busy dealing with its clients, internal conflicts, and politics. The situation got a little out of hand. Sen Kugan, former director iPaySolutions, hired a bunch of his friends from India and Sri Lankan origin since he is a Sri Lankan. Out of the many employees FinTelegram mentioned in its posts already, who led to the downfall of iPaytotal Group and the reason for the formation of OctaPay? Here is the story!
Who’s behind OctaPay?
When Sen Kugan hired employees for iPayTotal, one was Mita Singh, and another was Davina Mungroo (Instagram). Ken was extremely impressed with Davina’s professionalism and her focus on work. This led Mita Singh into the shadow, even though she was working equally hard. Perhaps, another reason she started to target Sen and complain about how he is biased toward her and her work. Due to the growing discomfort and lack of professionalism, Sen had to let Mita Singh go and dropped a suspension notice.
Read our OctaPay reports here.
Ruchi Rathor’s Role
Unable to understand anything, she contacted Ruchi Rathor regarding this matter. Ruchi has supported Sen and Sushruta with her Technology and investments. Mita Singh, who is often recognized as Anurag Pratap Singh’s daughter, is almost 10-15 years junior to him. How could she be his daughter? Whatever! Ruchi Rathor decided to support her.
This day was the beginning of OctaPay, since Mita Singh couldn’t and didn’t want to work with anyone above her, she decided to start her own venture called OctaPay. They both established and registered a company in the UK. With Ruchi’s support on the technical end, they started to onboard merchants and work with some of the acquirers like Wyre, OpenNode, OPay, Flutterwave, Texcent, etc.
Mita Singh hired some friends like Nehal Bajaj (LinkedIn). The company started its full operations within roughly four months.
As we all know how the high-risk industry works, OpenNode, Wyre, and Texcent disappeared overnight with all the money owed to OctaPay for their merchants. The biggest culprit in the entire episode between acquiring partners and OctaPay was Afnan Rehman (LinkedIn), the co-founder of OpenNode.
Mita Singh then asked for financial support from Ruchi again, which Ruchi refused. Unable to handle the situation, Mita Singh decided to shut down the company since she could no longer pay the merchants, nor could she and her team feel safe with so much pressure from the merchants. The pressure was such that Mita Singh left her then-current home within two days and moved to another safer place.
If you have any information about this OctaPay report or any other information from the finance and payments scene, please let us know via our whistleblower system, Whistle42.