Tag: Sen Kugan

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!

The Joint Liquidators of bankrupt iPayTotal, which belongs to the group of high-risk payment processors of the Indian group around the notorious Ruchi Rathor and the Pratap Singh family, submitted its second progress report on January 16, 2023. There is not much new information in it. The Joint Liquidators report no assets. Nine former customers (merchants) have filed claims of around $2.2 million. Millions vanished from the company into the pockets of the participating individuals.

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.

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 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!

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.

isappeared a few months ago. FinTelegram reported! According to our information, they had brutally ripped off a lot of their merchants. Among these merchants were also many operators of scams and cybercrime ventures that had stolen the money anyway. Paypound, a successor to iPayTotal and OctaPay, a whistleblower claims, has emerged and offers its payment services to the high-risk segment. Or so it says.

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.

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.

Does anybody know what a Chief Experience Officer (CEO?) is or does? If you don't, we happily welcome you to the club. We didn't know either. Then in December 2020, we were contacted by Davina Mungroo of iPayTotal about our reviews of the high-risk payment processor. Of course, they would be totally unjustly negative. We then learned on iPayTotal's website that Davina, as CEO, was responsible for how her company is perceived in reviews and reports. Until she vanished.

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.

The iPayTotal Ltd entity in the UK is insolvent and being wound up. We have reported on this, and these reports are widely read and widely shared. The high-risk processor, which is controversial in the scene, has received catastrophic ratings on rating platforms like Reviews in recent and weeks from apparently dissatisfied merchants who are not getting their money. They also refer to the alleged fake officer Jason Smith. We would like to know more about him and whether he is a real person at all.