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Tag: Madhumita Madhumita

The new life of collapsed iPayTotal and its founder Ruchi Rathor

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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.

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

High-risk payment processors tamir -
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.

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