Merchant Alert: High-Risk Payment Processor BitMatix Applied For Voluntary Strike-Off!

BitMatix about to vanish in the UK
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The high-risk payment processor BitMatix is part of Ruchi Rathor‘s network and is operated by her son-in-law Yuvraj Singh. Until recently, BitMatix IO Ltd in the UK was listed as the operator. On January 23, 2023, a voluntary strike-off request was filed by the company. As with the other UK companies in the network, Kryptova, and Paypound. The BitMatix website now states a BitMatix Inc. as the operator. We have not been able to find this company and advise merchants to be super-cautious.

Key Data

Trading nameBitMatix
Business activitiesHigh-risk payment processor
Legal entitiesBitMatix IO Pvt Limited (prev. iPayTotal Pvt Ltd), India
BitMatix IO Ltd, UK
BitMatix Inc.
Related individualsRuchi Rathor (India)
Anurag Pratap Singh (India)
Anirudh Pratap Singh Rathor (India)
Yuvraj Singh (India)
Chhavi Mishra (India)
Related schemesCryptoMatix, PayoMatix,
Kryptova, PayPound, PayStudio,
Pay Agency

Short Narrative

High-risk payment processor BitMatix on FinTelegram

BitMatix is just one of the iPayTotal successor schemes. There is also CryptoMatix, Payomatix, and the affiliated Kryptova. Merchants should stay far away from them to avoid financial losses.

BitMatix is operated through UK-registered Bitmatix IO Ltd as well as India-registered Bitmatix IO Pvt Limited (formerly iPayTotal Pvt Ltd). Yuvraj Singh, an Indian, is installed as the director and owner of the UK entity. The directors of the Indian company are Ruchi Rathi and Anurag Pratap Singh. The latter is being sought by the liquidators of iPayTotal Ltd for the purpose of answering unanswered questions surrounding the missing funds and assets.

As reported by FinTelegram, there are no funds in iPayTotal Ltd but at least GBP 1.1 million of claims from creditors.

Share Information

If you have any information about BitMatix, CryptoMatix, PayoMatix, Kryptova, or any other schemes of the mentioned operators, please share it with us via our whistleblower system, Whistle42.

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