iPayTotal Faces Challenges – Court-Ordered Liquidation and Octapay Scandal Rumors
Growing Turmoil for High-Risk Processor iPayTotal
Indeed, there has been a considerable stir around the high-risk payment processor iPayTotal in recent weeks. Initially, a UK court issued an order for the compulsory winding-up of the UK entity. This was soon followed by chaos surrounding the Octapay Group. On December 9, 2020, Octapay’s CEO, Christian van Biezen, was dismissed due to alleged misconduct. In a statement to investigative journalists, Biezen claimed that his dismissal stemmed from his refusal to participate in what he described as the Octapay scam. It is further alleged that the economic owners of Octapay are the same individuals who own iPayTotal. Following this, iPayTotal appointed Davina Mungroo (LinkedIn profile) as the new Chief Experience Officer alongside an aggressive PR campaign.
Leadership Updates at iPayTotal
The newly appointed Chief Experience Officer is expected to assist iPayTotal (Global) President Sen Kugan (also known as Senthooran Kuganathan) in his responsibilities. Additionally, Ruchi Rathor remains as COO. According to Christian van Biezen, Ruchi Rathor (LinkedIn profile) is involved with both iPayTotal and Octapay and is also known by the alias Rebecca Baker. Furthermore, British-Indian citizen Madhumita Singh, also called Mita or Mita S., and her team are said to be the ultimate beneficial owners of both groups.
Negative Reviews and PR Responses
On November 20, 2020, shortly after the UK court’s winding-up order, Phillip Parker published a highly critical review on CardPaymentOptions. The review attracted harsh comments, some accusing iPayTotal of being an outright scam that misappropriates merchants’ funds. Such accusations are undoubtedly damaging. In response to these allegations and ongoing rumors, iPayTotal and Sen Kugan launched an intensive PR initiative in recent weeks, featuring polished photos and curated PR content.
Company Structure and Ownership Questions
Formally, Sen Kugan (LinkedIn profile) is listed as the director of iPaySolutions Ltd (Companies House) in London at 7 Bell Yard, the same address used for the broader iPayTotal group, as per their website. He is registered as the sole person with significant control, holding over 75% of shares, implying beneficial ownership. This contradicts claims that all iPayTotal entities belong to iPayTotal Group UAB in Lithuania (companies register data).
Legal Troubles in the UK
In May 2020, iPayTotal Ltd filed for voluntary strike-off with UK Companies House. However, this action was suspended in October 2020 following an appeal, often a result of creditor objections. In November 2020, the High Court of Justice ordered iPayTotal’s liquidation following a petition from International PayGateway Ltd, a Mauritius-registered creditor.
Earlier, in January 2020, Russian national Andrey Kovalchuk was appointed as a director and registered as a person with significant control, acting as a trustee. Before Kovalchuk’s appointment, iPayTotal was effectively managed from India by Sidharth Shankar and Anurag Pratap Singh (born October 1973), who both own multiple companies across the UK and India.
Expansion into New Entities
This scenario is undoubtedly concerning for clients—a high-risk processor ordered to dissolve in its home jurisdiction due to creditor claims.
Since the voluntary dissolution filing in May 2020, iPayTotal has established other entities in Lithuania and India. Additionally, Octapay Ltd, PSP Technology Ltd, and PSP Network Ltd, led by Madhumita Singh, were also incorporated. Whether these companies are linked to iPayTotal’s ongoing troubles, as suggested by Octapay’s former CEO, remains unclear.
Request for Information
Scam-Or Project seeks further insights into iPayTotal and Octapay operations. If you have direct experience with these platforms, companies, or their executives, your information would be greatly appreciated.
