R4I – Let us know more about the High-Risk Payment Processor Octapay and iPayTotal

Payment processor octapay
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Octapay Limited was founded on 16 September 2020. According to UK Companies House, the sole director and beneficial owner is Madhumita Singh, born in January 1987 (LinkedIn profile). The company acts as a payment processor for high-risk merchants in gaming, crypto, and forex operating the website www.octapay.fund. There are also other websites like www.octapay.tech, or www.octapay.net, which evidently are part of Octapay but do offer a different look and feel and services. Singh is also a director and beneficial owner of PSP Technology Limited and PSP Network Limited; both were established on 19 Oct 2020.

The Octapay Group

According to Christian V., the former CEO of Octopay Europe, the company has offices in Limassol, Cyprus. Moreover, on its website, Octapay also gives an address in Jacksonville, Florida with a US telephone number. Allegedly, this is a fake office and the US phone number is VOIP routing incoming calls to offices in Ukraine.

On LinkedIn a total of 19 people are connected with Octapay whereby there seems to be an Octapay LLC besides Octapay Ltd. Singh also refers to herself in her LinkedIn profile as Group CEO which indicates that there are several legal entities behind the Octapay brand. Most of the people related to the company have joined it only recently.

We learn from the PayTech scene that Octapay is currently looking for partners and merchants and is taking an aggressive approach. However, the KYC documents presented by Octapay are said to be strange. To put it very cautiously. We hear that many potential partners do not want to work with Octapay. They fear difficulties with money laundering and compliance and/or hich-risk merchants fear that they may be ripped off.

What is the connection to iPay Total?

We asked people from the PayTech scene to analyze the Octapay API. The answer was somewhat surprising. It was found that the API code is a clone of the PumaTS scam network with scams like RoyalGTX or FmiAtlas (read this report here).

Apparently, Octapay has some personal and/or organizational connections to iPayTotal and may even be a spin-off. In some internet forums, it is openly discussed that Octapay is a successor of iPayTotal and/or has the very same beneficial owners. Rashal International LLC with Vishal Coodye as its beneficial owner is a company closely associated with iPayTotal, for example.

Share information

iPayTotal and Octapay may or may not be related. Anyway, we would like to learn more about both high-risk payment processors. Do you have information about Octopay, Madmuhita Singh and their team? Great, then we would be grateful if you would share it with our FinTelegram Research Team via our Whistleblower System.


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