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Tag: iPaySolutions

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!

High-risk payment processors

January 24, 2023

Guest Post: The Background Story Of Vanished High-Risk Processor OctaPay!

New information on the infamous iPayTotal Group. Back in 2020, iPayTotal was busy dealing with its clients, internal conflicts, and politics. The situation got a little out of hand. Sen Kugan, former director iPaySolutions, hired a bunch of his friends from India and Sri Lankan origin since he is a Sri Lankan. Out of the many employees FinTelegram mentioned in its posts already, who led to the downfall of iPaytotal Group and the reason for the formation of OctaPay? Here is the story!

High-risk payment processors

January 24, 2023

Guest Post: The iPayTotal Background Story, Or Who Was Jason Smith?

We all know Ruchi Rathor founded iPayTotal, and similarly, we all know the entire story that goes on between the iPayTotal company and its merchants. Here are some deeper digests about the company and the people associated with and involved with it. Ruchi Rathor hired, built, led, and managed the entire Technical aspect of the company. Starting from developing its white-label solution to the integration of high-risk Merchants.

May 30, 2022

Wanted! The Missing Millions Of Collapsed High-Risk Payment Processor iPayTotal!

The court-appointed Joint Liquidators submitted a progress report in Feb 2022 providing a sense of the scale of the iPayTotal disaster while outlining how these high-risk payment processors operate. The liquidators identified 13 creditors but only seven reported claims totaling about GBP 1.1 million. These are likely to be the merchants who wanted to receive their payments through iPayTotal. iPayTotal Ltd was just one of many legal entities in the vanished group. So we can assume that the damage to the merchants is actually many times higher. Many millions have disappeared.

February 21, 2022

Ruchi Rathor, collapsed iPayTotal and the new high-risk payment processors!

It seems that the former people around the collapsed high-risk payment processor iPayTotal have developted a vast network of successor companies. Initially, OctaPay was a successor but since vanished again. Currently, Paypound and Payomatix and the crypto payment processors Cryptomatix and Kryptova are associated with Indian-British iPayTotal co-founder Ruchi Rathor. iPayTotal is active as a fintech software provider through companies in India and Portugal. Ruchi Rathor is still one of the driving forces behind these high-risk payment ventures with close African ties.

FinTelegram

January 23, 2022

The new life of collapsed iPayTotal and its founder Ruchi Rathor

FinTelegram has reported several times on the collapse of the notorious British-Indian high-risk payment processor iPayTotal. In Oct 2020, a UK court ordered the insolvency and liquidation of iPayTotal Ltd. In Oct 2021, the successor company iPaySolutions Ltd also filed for liquidation. Since then, iPayTotal has been relabeled into a FinTech software company operated by IPT Solutions PT, Portugal, which also runs the crypto payment platform CryptoMatix with iPayTotal co-founder Ruchi Rathor. Here is the update!

High-risk payment processors

January 23, 2022

A new version of vanished high-risk processor Octapay reappeared in Brazil!

In March 2021, we reported the disappearance of the high-risk processor OctaPay, which was allegedly the successor to the infamous collapsed iPayTotal. Both reportedly each disappeared with their merchants' money. In Feb 2021, Octapay Limited applied for a voluntary strike-off, suspended by Companies House. There is another version of OctaPay with a different domain and logo still active as a high-risk payment processor in Brazil. If and how these OctaPay ventures are related, we do not yet know.

May 20, 2021

Breaking News – High-risk payment processor iPayTotal bids farewell

iPayTotal, perhaps the most notorious high-risk payment processor, is apparently closing down for good. This can be read on the website www.ipaytotal.com of the British-Indian company. This does not really come as a surprise. In November 2020, the UK High Court of Justice ordered the dissolution of the company. The company's business was transferred to iPaySolutions Ltd. Sen Kugan was appointed as director and registered as the beneficial owner. Now it appears that it is finally over.

May 9, 2021

OctaPay – The exposed fraud, the vanished money, and many open questions!

According to his LinkedIn profile, Christian van Biezen lives and works in Limassol, Cyprus, one of the European powerhouses of Forex brokers, which are part of a high-risk industry, whether regulated or unregulated. Consequently, a highly active high-risk payment processor scene has developed around these Cypriot forex brokers. OctaPay was one of them, and Christian van Biezen was its director until he realized it was defrauding its merchants. So he left in December 2020, exposing the crime. As a result, OctaPay and its people vanished with most of its customer funds.

High-risk payment processors

March 4, 2021

iPayTotal – PR campaign with fake people and fake LinkedIn accounts

Given the UK insolvency and the many negative reports, iPayTotal has run a massive PR campaign in recent weeks. Nice-looking people try to polish the image of the disgraced high-risk payment processor in the best possible way. Among these actors is Sen Kugan, the president of iPayTotal and a real person, and Jason Smith, a fake person who does not exist. A few weeks ago, we wanted to know who Jason Smith is and if he even exists. A whistleblower explained that this was one of several fake persons who also worked through fake LinkedIn profiles.

November 1, 2020

Austrian FMA warns against LCoin Market scam powered by PumaTS

The Austrian Financial Market Authority FMA has issued an investor warning against the broker scam LCoin Market (www.lcoinmarket.com). This is allegedly operated by Triton Partnership Ltd. on St. Vincent and the Grenadines and uses the white label solution of PumaTS and the Activ8 CySEC regulated Leverate. We have discovered AtomixPay and iPayTotal as the scam facilitating payment processors.

Paxum Bank: The Offshore Bank for the Porn Industry!

Paxum Bank, an offshore financial institution based in Dominica, has found itself at the center of controversy due to its connections with high-risk industries and recent revelations about its relationship with the embattled Tate brothers. Specializing in serving the adult entertainment sector, the bank has become a key player in providing financial services to businesses often shunned by traditional banks. However, this niche focus has also drawn scrutiny from regulators and investigators.

Tate Brothers Case: The Misogynist Influencers Used Offshore Accounts to Launder Proceeds from Sexual Exploitation!

New evidence suggests that the influencer Andrew Tate and his brother Tristan Tate used offshore accounts, including Paxum Bank, to conceal profits from their controversial webcam business. The Tates are facing serious charges, including human trafficking and money laundering. This case highlights the need for robust AML/KYC practices, particularly for payment processors in high-risk sectors like adult entertainment.

UK FCA Charges First Individual for Operating Illegal Crypto ATM Network for Money Laundering!

The UK Financial Conduct Authority (FCA) has charged London-based Olumide Osunkoya with running an illegal crypto ATM network, marking the first case of its kind in the UK. As crypto ATMs are increasingly used for money laundering, the FCA's crackdown on unregistered operators underscores the need for strict regulatory compliance. The ATM scheme allegedly processed £2.6 million in crypto transactions.

Public-Listed Crypto Exchange Coinbase Has to Face Shareholder Lawsuit Over SEC Risks!

U.S. crypto exchange Coinbase must face a shareholder lawsuit accusing it of downplaying regulatory risks, specifically the chances of being sued by the SEC. While a U.S. judge dismissed parts of the case, the key allegation of misrepresenting regulatory risks will proceed. This case underscores the importance of transparency in the crypto sector, where regulatory uncertainties continue to loom large, particularly in the U.S.

U.S. Regulator SEC Charges Seven Public Companies for Violating Whistleblower Protection Rules!

The U.S. Securities and Exchange Commission (SEC) charged seven public U.S. companies with using agreements that restricted employees from reporting securities law violations, resulting in over $3 million in penalties. The SEC takes strict action against organizations and individuals who seek to contractually restrict whistleblowers' rights. The regulator needs insiders to disclose financial wrongdoing and compliance violations.