The Joint Liquidators of iPayTotal Ltd, a high-risk payment processor linked to Ruchi Rathor and the Pratap Singh family, have released their second progress report as of January 16, 2023. The report highlights a concerning absence of assets and company records, with nine former customers (merchants) filing claims totaling approximately $2.2 million. These developments suggest that substantial funds have vanished, potentially into the hands of involved individuals.
Key Findings from the Liquidation Report
-
Lack of Cooperation: The former directors of iPayTotal Ltd have not cooperated with the liquidation process, impeding efforts to recover assets.
-
Continuation of Business Under a Different Entity: It appears that iPaySolutions Ltd operated as iPayTotal and continued business activities. This company entered voluntary liquidation on September 30, 2021, and similarly reported no assets.
-
Disappearance of Key Personnel: The director of iPaySolutions Ltd, Senthooran Kuganathan (also known as Sen Kugan), has become untraceable, with his social media profiles deleted.
Implications for Creditors and Merchants
The nine claims filed amount to around $2.2 million; however, it is believed that the actual financial impact on merchants is significantly higher, potentially reaching several million dollars. The disappearance of assets and lack of cooperation from former directors have severely hindered the recovery process, leaving many creditors without recourse.
Call to Action
Individuals with information regarding iPayTotal, its operators, or associated networks are urged to come forward. Sharing such information can aid in ongoing investigations and potentially assist affected merchants in recovering lost funds.
This case underscores the critical importance of transparency and accountability within the payment processing industry, especially for high-risk processors. Merchants are advised to conduct thorough due diligence when selecting payment processing partners to safeguard against potential financial misconduct.