Payomatix Founder Event Raises Eyebrows Amid Fraud Allegations
Introduction: Another High-Risk Venture Under Spotlight
Payomatix, a high-risk payment processor, is one of several ventures linked to British-Indian entrepreneur Ruchi Rathor. Her name became widely known following the collapse of the iPayTotal scheme, which ended in insolvency proceedings and left merchant funds missing. The UK-based entity behind iPayTotal faced creditor claims exceeding £1.1 million. Its supposed successor, OctaPay, also disappeared soon after launching.
Although Payomatix has a controversial history, the upcoming Founder Investor Networking Q4 event—advertised on LinkedIn—makes no reference to these past issues. The gathering is planned for 16 November 2022 at the Crowne Plaza in Mayur Vihar, New Delhi, with promotional early-bird pricing available.
Ruchi Rathor’s Expanding Network
According to her LinkedIn profile, Ruchi Rathor is listed as a founder or investor in numerous controversial payment platforms, including:
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OpenUp (also known as OpenUp.Finance)
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Hawex Group
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PayPound
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NeoBanq
Several of these ventures have raised serious concerns in the payment industry. Notably, both OctaPay and iPayTotal vanished with client funds, and whistleblowers have persistently reported questionable practices tied to Rathor’s operations.
Allegations from Whistleblowers
Multiple insider reports have pointed to unethical behavior within Rathor’s network of companies. These include:
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Use of fake social media identities by staff
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Coercive tactics against merchants
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Threats toward employees attempting to resign or expose wrongdoing
The Scam-or Project, an independent investigative outlet, has received dozens of such reports detailing aggressive business practices and systemic misconduct within Rathor-associated firms.
Compliance Warning for Merchants
Industry watchdog PayRate42 has issued a stern warning by listing all Ruchi Rathor-linked ventures on its “Black Compliance” list, advising businesses to avoid engaging with these processors.
Call for Action
If you have relevant information regarding these companies or individuals, consider submitting your reports to Scam-or Project to support ongoing investigations into payment fraud networks.
