The Joint Liquidators of bankrupt iPayTotal, which belongs to the group of high-risk payment processors of the Indian group around the notorious Ruchi Rathor and the Pratap Singh family, submitted its second progress report on January 16, 2023. There is not much new information in it. The Joint Liquidators report no assets and no records. Nine former customers (merchants) have filed claims of around $2.2 million. Millions vanished from the company into the pockets of the participating individuals.
The new report mentions again that the former directors of the company would not cooperate. It also mentions that another company, iPaySolutions Ltd, apparently acted as iPayTotal and continued the business. This company was placed into voluntary liquidation as of September 30, 2021. This company also has no assets. Everything disappeared. The company’s director, Senthooran Kuganathan, aka Sen Kugan, has also since disappeared from social media.
We may assume that far more merchants have lost their money with iPayTotal, not just those nine who filed their claims adding up fo a total of $2.2 million. In this respect, the actual damage to the merchants is likely to amount to several million dollars.
If you have any information about iPayTotal, its operators, and the network behind it, please let us know via our whistleblower system, Whistle42.