Whistleblower Acknowledgment
Credits to Whistleblowers: We extend our appreciation to all whistleblowers who provide crucial insights that help uncover fraudulent schemes and their payment facilitators. Collectively, we strengthen cybersecurity by exposing such operations.
The iPayTotal and OctaPay Legacy
Many merchants operating in high-risk sectors still recall the Indian-British processors iPayTotal and OctaPay, both of which abruptly disappeared some months ago. Scam-Or Project previously reported on their activities. Information suggests that these companies exploited numerous merchants, including scam operators and cybercriminals who had already illicitly obtained funds.
Now, according to whistleblower claims, Paypound has emerged as a potential successor to iPayTotal and OctaPay, positioning itself as a payment service provider for high-risk businesses.
Connections to Dissolved Companies?
The PayCom42 Investigation
Research continues to determine the direct links between Paypound, iPayTotal (PayCom42 profile), and OctaPay. Current analysis suggests Paypound may indeed be their successor. Like its predecessors, Paypound operates as an Indian-British payment processor.
Former iPayTotal executives, including president Sen Kugan and Chief Experience Manager Davina Mungroo, have removed their LinkedIn profiles and vanished from the public sphere. The broader iPayTotal Group, alongside OctaPay, has similarly ceased visibility. Several individuals involved, such as Madhumita Sing and Anuraq Pratap Singh, were reportedly using aliases.
Corporate Structure of Paypound
According to Paypound’s Privacy Policy (dated August 28, 2021), the company is operated by Paypound Ltd and its subsidiary Paypound LDA. However, records show that Paypound Ltd, a UK-registered entity controlled by Indian national Amaranatha “Amar” Puttana (born August 1979), was dissolved in 2019 following compulsory strike-off.
Puttana had previously directed Quidpay Limited, another company struck off in 2019. Currently, Quidpay (www.quidpay.io) is listed as operating in Nigeria, but its website appears non-functional. This network of dissolved and offshore entities forms the environment from which Paypound was established.
Additional Operators and Company Details
SELF PAY IO LTD
Paypound’s website also mentions SELF PAY IO LTD as an operator. Established on August 3, 2021, it was incorporated by Alizee Cannelle Ghislaine (LinkedIn), a French national (born October 1987) residing in the Netherlands. She is listed as both sole director and beneficial owner. Her LinkedIn profile indicates she co-founded Let Magic Happen (www.let-magic-happen-cbd.com), an online CBD store based in Amsterdam.
Although Paypound’s LinkedIn location is listed as Povoa de Varzim, Portugal, their contact number is UK-based, and the registered office is in London. Employees associated with Paypound on LinkedIn, such as onboarding manager Abram Xavier (LinkedIn), are primarily located in the UK.
Acquiring Partner
Paypound reportedly works with OPay Digital Services Limited (d/b/a OPay), an entity licensed by the Central Bank of Nigeria, as its acquiring bank.
Concluding Observations
Paypound presents a complex corporate structure typical of high-risk payment processors. Even businesses operating scams or frauds might consider collaborating with Paypound only out of extreme necessity.
Share Your Information
If you have knowledge regarding Paypound or any individuals and entities linked to its operations, please contact our research team through the special whistleblowing section.