The Lithuanian law firm Sulija & Partners is currently representing a Bulgarian and a Portuguese company in legal proceedings against Trustcom Financial UAB, a regulated but high-risk Lithuanian payment institution. Both companies claim their funds were frozen by Trustcom, which eventually led to a criminal probe by Lithuanian authorities. The allegations revolve around suspected money laundering exceeding €1 million. According to Delfi, a local news portal, the Financial Crime Investigation Service (FNTT) imposed a €125,000 fine on Trustcom for alleged violations. The Italian Figures Behind Trustcom At the core of the Trustcom Group’s operations are two Italian nationals: Marco Spinola…
Author: Tom
In April 2021, the Scam-or Project raised concerns about the RocketChart broker scheme, which lured unsuspecting victims through fraudulent promotional campaigns such as BitQT. These tactics were notably used to target individuals in German-speaking regions. Several months later, the German financial regulator BaFin initiated a formal investigation into the scam. Although the RocketChart operation has since vanished, the probe may still lead to the submission of evidence to law enforcement authorities. Such a step could initiate broader criminal proceedings. The Disappearance of RocketChart The fraudulent broker, operating under the domain www.rocketchart.com, was reportedly managed by Seventh Line Corporation Ltd, an…
General Overview Kryptova Biz Ltd, operating under the brand Kryptova (accessible via www.kryptova.biz), is a UK-registered payment services company focused on cryptocurrency-based solutions. The firm is categorized as unregulated and operates within the high-risk merchant sector. It was officially established in October 2021 by Chhavi Mishra, a citizen of India, with a registered virtual office in London. According to data presented by Scam-or Project, Kryptova has previously been associated with the Invest Area broker. Authorities in Spain (CNMV), Italy (Consob), and Germany (BaFin) have published warnings concerning that broker. Company Information Aspect Details Brand Name Kryptova Legal Entity Kryptova Biz…
Introduction: Spotlight on Trustcom Financial Trustcom Financial UAB has repeatedly surfaced as a payment processor in association with various scam operations. Over recent years, several fraudulent schemes have funneled victims’ deposits into Lithuanian companies with accounts at this licensed e-money institution. Although Trustcom is regulated by the Bank of Lithuania (Authorization Code: LB000438), it remains under Italian control, primarily via Michele Scognamiglio. The processor’s notable connection with Georgian firm Business Service Distribution LLC (BSD) raises further scrutiny. The Scam-Or Project is currently expanding its research into the Trustcom ecosystem and BSD’s operations. Upcoming Report: Lithuania’s Role in High-Risk Payment Processing…
Introduction: OctaPay Reappears in a New Form In March 2021, Scam-Or Project reported the sudden disappearance of OctaPay, a high-risk payment processor believed to be a successor to the notorious Indo-British firm iPayTotal, which collapsed amid allegations of vanishing with merchants’ funds. OctaPay Limited also seemed to follow suit, filing for voluntary strike-off with the UK’s Companies House in February 2021—a request that was subsequently suspended. However, recent whistleblower information indicates that OctaPay has not disappeared entirely. A new version of the payment processor has emerged in Brazil, under a different domain and branding, but seemingly offering the same high-risk…
Overview Paypound has been identified by industry insiders as one of the successor entities to the now-defunct Indo-British high-risk payment processor iPayTotal. Recent reports indicate that Paypound has expanded its operations to Nigeria, where individuals such as Abayomi Adetola are actively engaged in local business development. Operations in Nigeria According to sources, Abayomi Adetola is currently reaching out to various payment service providers and gateway platforms, requesting to be listed as a master merchant with a designated master ID. The objective appears to be building a network of sub-merchants whose customer transactions and funds would be routed through Paypound’s own…
Market Shift: FinTech Declines While High-Risk Surges Looking back, the final week of May 2022 might be recognized as a pivotal moment highlighting the downturn in the broader tech industry, particularly within the FinTech space. After riding a wave of pandemic-driven growth, several major players began to stumble. Notably, FinTech giants Klarna and Bolt confirmed sweeping layoffs, followed shortly by PayPal. In contrast, high-risk payment processors appear to be thriving despite the turbulence. Alex Leigh, co-founder of Total Processing, used this opportunity to invite former Klarna employees to apply for roles at his company via a LinkedIn post — a…
Scam-or Project continues to observe the aftermath and transformation of iPayTotal, a British-Indian high-risk payment processor that faced court-ordered liquidation. Although the original company was shut down, new ventures have emerged under the guidance of co-founder Ruchi Rathor. Let’s take a closer look at the evolving structure of this payment network and its related businesses. Background and Collapse In October 2020, the UK High Court of Justice ordered the insolvency of iPayTotal Ltd. A year later, iPaySolutions Ltd, considered a successor to the original firm, also filed for liquidation. However, this did not mark the end of the brand’s operations.…
Overview Following the collapse of the high-risk payment processor iPayTotal, a range of successor ventures has emerged. These businesses, including Paypound, Payomatix, Cryptomatix, and Kryptova, appear to maintain connections to iPayTotal’s co-founder, Ruchi Rathor. Despite the insolvency of the original companies, affiliated ventures remain active in various markets, with operations spanning multiple countries. Connected Brands and Domains Several brands are repeatedly linked to this network, each utilizing multiple domains: iPayTotal: Operates under domains such as www.ipaytotal.com, www.ipaytotal.global, www.ipaytotal.solutions, and www.ipaytotal.group. Cryptomatix: Active at www.cryptomatix.io. Kryptova: Known to use www.kryptova.biz and www.kryptova.global. Payomatix: Present online via www.payomatix.com. OctaPay: Previously associated with…
Overview: Voluntary Strike-Off Attempt by NeoBanQ High-risk payment processors have a track record of vanishing—often along with merchants’ funds. This was seen in the case of iPayTotal, a UK-registered company with Indian-British ownership, which applied for a voluntary strike-off in October 2020. That attempt was halted following objections from creditors, eventually resulting in court-ordered liquidation. By the time legal proceedings caught up, client funds were already missing. A similar pattern seems to be repeating with NeoBanQ. The payment processor, founded by Billy Eldridge, submitted a Voluntary Strike-Off application in October 2021. However, this application was suspended the following month due…