Merchant Alert: UK Entities Of High-Risk Payment Processors Kryptova And Bitmatix Dissolved!

BitMatix about to vanish in the UK
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FinTelegram has already reported that the UK entities behind the high-risk payment processors, Kryptova, Bitmatix, and Paypound are in the process of being dissolved. The UK Companies House announced that the companies cease to exist via voluntary strike-off as of April 18, 2023. They belong to the network of notorious Indian payment veteran Ruchi Rathor. Merchants should take the best care of their money and avoid black-listed Kryptova, Bitmatix, and Paypound.

Key Data

Trading namesBitMatix
Business activitiesHigh-risk payment processor
Legal entitiesBitMatix IO Pvt Limited (prev. iPayTotal Pvt Ltd), India
BitMatix IO Ltd, UK
BitMatix Inc.
Kryptova Biz Ltd, UK
Kryptova Biz LLC, Nevis
Self Pay IO Ltd, UK
Next Ring LLC, Nevis
Related individualsRuchi Rathor (India)
Anurag Pratap Singh (India)
Anirudh Pratap Singh Rathor (India)
Yuvraj Singh (India)
Chhavi Mishra (India)
Ana Raquel Ortega Arauz (Panama)
Manuel Jose La Serna (Spain)
Related schemesCryptoMatix, PayoMatix,
PayPound, PayStudio,
Pay Agency, OpenUp
PayRate42 ratingKryptova: Black Compliance (profile on PayRate42)
Bitmatix: Black Compliance (profile on PayRate42)
Paypound: Black Compliance (profile on PayRate42)

Short Narrative

BitMatix, Kryptova, and Paypound are just three of the iPayTotal successor schemes. There is also CryptoMatix, Payomatix, PayStudio, and others.

Kryptova and Paypound are now operated via two Nevis-registered entities: Kryptova Bic LLC and Next Ring LLC, respectively.

While Bitmatix IO Ltd in the UK is being dissolved, the Bitmatix website was no longer accessible on April 12, 2023. Whether this is just a short-term problem or whether Bitmatix has disappeared in general, we do not know at this time.

BitMatix used to be operated through UK-registered Bitmatix IO Ltd and India-registered Bitmatix IO Pvt Limited (formerly iPayTotal Pvt Ltd). Yuvraj Singh, the Indian son-in-law of Ruchi Rathor, is installed as the director and owner of the UK entity. The directors of the Indian Bitmatix entity are Ruchi Rathi and Anurag Pratap Singh. The liquidators of bankrupt iPayTotal Ltd are seeking the latter to answer 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, Kryptova, Paypound, CryptoMatix, PayoMatix, and the other schemes in the Ruchi Rathor network, please share it via our whistleblower system, Whistle42.

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