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Tag: IPT Solutions

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

Illegal Payment Services Ben -
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.

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

Illegal Payment Services tamir -
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.

The new life of collapsed iPayTotal and its founder Ruchi Rathor

FinTelegram Ben -
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!

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

High-risk payment processors tamir -
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.

FinTelegram is a cyberfinance intelligence and compliance platform investigating financial crime, regulatory violations, and the rails, entities, and ecosystems that facilitate them. Combining investigative journalism, whistleblower intelligence, and forensic compliance analysis, we map risk across payments, banking, crypto, and offshore structures to support transparency, accountability, and informed action.

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