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Tag: BitMatix

April 12, 2023

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

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.

March 5, 2023

High-Risk Payment Processors Kryptova And Paypound Finally Escaped To Nevis!

Now it's official! The two high-risk payment processor schemata Kryptova and Paypound from the environment of the notorious Indian payment veteran Ruchi Rathor are officially operated via the offshore company Next Ring LLC in Nevis. Until recently, the two UK-registered companies, Kryptova Biz Ltd and Self Pay IO Ltd, were the official operators. These are now in the process of voluntary strike-off. The new Nevis address is included in the Offshore Leaks Database.

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February 16, 2023

Initial Review Of Ruchi Rathor’s Pay Agency Matchmaking Platform

Admittedly, we were a bit surprised when we received the invitation to Ruchi Rathor's new project, Pay Agency, today. Especially after the recent discussions on Twitter. Our FinTelegram team has been following the Indian payment veteran's projects and learned the brutal art of ripping off high-risk merchants had been practiced there. Now Rathor wants to launch a matchmaking platform with her Pay Agency where she brings merchants and PSPs together. Here is our first impression.

February 15, 2023

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

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.

February 15, 2023

Follow The Money: The Luxury Lifestyle Of Executives Of Collapsed iPayTotal!

Indian payment veteran Ruchi Rathor's high-risk payment processor scheme iPayTotal collapsed in late 2020. Initially, iPayTotal Ltd was to be quietly dissolved and disappear. But then creditors came forward, and the court opened bankruptcy on the company. The Joint Liquidators report claims in the millions. Senthooran Kuganathan, a/k/a Sen Kugan, was one of the executives of the scheme and cashed a lot of money. He bought himself an expensive house and a Porsche!

January 19, 2023

Merchant Alert: High-Risk Payment Processor OpenUp Works With Fake People!

FinTelegram has received extensive documentation from a former OpenFinance executive stating that Ruchi Rathor is the beneficial owner of the Denmark-based high-risk payment processor. The official shareholder is the Portuguese-registered Chestnut Investments - Unipessoal LDA, where Portuguese-based Russian Svetlana Ivanova is registered as a director. The documents also show that Rathor's various high-risk processors work with fake people. Merchants should be highly alerted!

January 16, 2023

Merchant Alert: Notorious Indian Payment Veteran Launched Pay Agency!

Reportedly, Indian payment entrepreneurs Ruchi Rathor, her son-in-law Yuvraj Singh and their family are allegedly residing in Dubai. There they enjoy the money they earn through the merchants of their numerous high-risk payment processors. Every week we receive complaints and warnings against various schemes like PayPound, Payomatix, or OpenUp. With Pay Agency, Rathor has launched the next project to address the high-risk payment segment. We recommend merchants and the highest caution.

January 2, 2023

Merchant Alert: Indian Authorities Investigate Ruchi Rathor And Her Companies For Tax Evasion!

Indian-British high-risk payment veteran Ruchi Rathor has been blazing a trail through the high-risk merchant segment for many years with her many companies. Millions are missing in the UK insolvency surrounding iPayTotal, which she co-founded. Most recently, Rathor has increasingly focused on crypto payments with Payomatix, Kryptova, or BitMatix. Crypto revenues are taxable in India (and other countries as well). Allegedly, Indian authorities are currently investigating possible tax evasion.

December 9, 2022

Really? Payomatix Founder Ruchi Rathor Launched The RaiseMoney Initiative!

High-risk processor Payomatix is one of the many payment ventures of the notorious British-Indian Ruchi Rathor, the mastermind behind the collapsed payment scheme iPayTotal scheme. Just recently, Rathor launched the RaiseMoney initiative, an online community assisting entrepreneurs and investors in their early-stage financing. The legal entity behind this new scheme is Payomatix Technologies Pvt Limited, a company black-rated on PayRate42. We advise merchants and investors to be super-cautious!

November 6, 2022

Merchant Alert: New High-Risk Payment Processor BizzBusters Ante Portas!

BizzBusters Ltd was a UK-registered company founded in 2012 by Indian Anurag Pratap Singh, the husband of British-Indian high-risk payment scammer Ruchi Rathor. The company was dissolved in 2016 via a compulsory strike-off and has disappeared. According to whistleblower information, BizzBusters is now to be revived via an Indian company. The mastermind behind the BizzBusters project would be Ruchi Rathor's son-in-law, Yuvraj Singh, and his brother Swaraj Singh.

High-risk payment processors

October 5, 2022

Family Business: BitMatix And The Other iPayTotal Successor Schemes!

In Nov 2020, a UK court ordered iPayTotal Ltd to go into insolvency and liquidation. Many millions disappeared in the collapse of the British-Indian high-risk payment scheme. The beneficial owners were Ruchi Rathor, Anirudh Pratap Singh Rathor, and Anurag Pratap Singh. They operate several successor schemes through legal entities in India and Europe. Ruchi Rathors future son-in-law, Yuvraj Singh, is the mastermind behind OpenUp, Kryptova, and BitMatix. Merchants should avoid these payment schemes.

October 4, 2022

Merchant Warning: PayStudio Is Another Scam Facilitating Payment Processor Of Ruchi Rathor!

We have recently found at soltechX broker scam PayStudio as a payment processor for credit and debit card deposits. The operator is Synopsis Success LDA in Portugal with an address where the high-risk payment processor CryptoMatix by Ruchi Rathor is located. Currently, Rathor and her British-Indian gang apparently run their payment processors through companies in Portugal. Chestnut Investments Lda, the parent company behind the Danish OpenUp is also based in Portugal.

Urgent Warning: Beware of Suki Chen and the Streakk/Earn World Crypto MLM Schemes!

FinTelegram’s investigations, alongside whistleblower reports, reveal that Suki Chen (aka Sukijami Chendrawan) is the alleged founder of Streakk and successor scheme Earn.World. Both schemes are suspected to be pyramid or snowball schemes (MLM schemes) that have been promoting their own STKK token. These operations have been flagged as fraudulent and are under scrutiny for securities fraud and Ponzi-like activities.

Financial Intelligence Report: The Disappearance of Magua Pay and Black Rabbit – A High-Risk Payment Processor in the Scam Broker Ecosystem

Magua Pay Inc., a Vancouver-based money services business (MSB license M21111044) operating under the brand Black Rabbit, has vanished from the digital landscape as of March 2025. Both its primary website (magua_pay.com) and Black Rabbit’s site are either under construction or offline, signaling potential operational collapse or regulatory pressure. FinTelegram exposed Magua Pay as a payment facilitator of broker scams and unauthorized broker schemes,

Investor Briefing: SilverArrows Group and its Expanding Network

SilverArrows Capital Group, a global investment and advisory firm associated with high-profile figures such as Thomas Limberger, Robert Schimanko, and William H. Shawn, has recently come under scrutiny due to its proximity to the scandalous bankruptcy of Rene Benko’s Signa Group. The firm and its key personnel maintain strong ties to two seemingly influential yet opaque organizations in Germany and Austria.

Breaking: The World Economic Council (WEC), Rene Benko, and Israeli Services!

The collapse of the once-largest European real estate development group SIGNA of the Austrian Rene Benko continues to reveal new layers of intrigue, financial entanglements, and power struggles. While some focus on the billions lost by high-profile investors, the investigative platform Wiener Zocker has now uncovered a particularly exclusive network that has continued to thrive in Benko’s shadow – the World Economic Council (WEC).

Crypto investments

Investor Briefing: Binance’s $2 Billion Investment from MGX and Trump Family Rumors!

On March 12, 2025, Binance, the world’s largest crypto exchange by trading volume, announced a landmark $2 billion investment from Abu Dhabi-based MGX, marking its first institutional funding in its eight-year history. This transaction, executed entirely in an unspecified stablecoin, represents the largest single investment in a crypto company to date and signals a significant shift toward institutional adoption of digital assets.