Background on OctaPay Limited
OctaPay Limited was incorporated on 16 September 2020, according to the records at the UK Companies House. The company lists Madhumita Singh (LinkedIn profile), born in January 1987, as its sole director and beneficial owner. OctaPay functions as a payment services provider for high-risk sectors such as online gaming, cryptocurrency, and forex trading. The business operates under the primary domain www.octapay.fund, with related domains like www.octapay.tech and www.octapay.net, all showcasing varying interfaces and services but appearing to belong to the same group.
In addition to her role at OctaPay, Singh is also named as director and beneficial owner of PSP Technology Limited and PSP Network Limited, both established on 19 October 2020.
The OctaPay Structure and Alleged Offices
According to Christian V., the former CEO of OctaPay’s European division, the company maintains a physical presence in Limassol, Cyprus. Its official website also provides a U.S.-based contact address located in Jacksonville, Florida, along with a U.S. phone number. However, several reports suggest that this American location may be fictitious, and the provided phone line appears to be a VOIP number redirecting calls to Ukrainian offices.
On LinkedIn, approximately 19 individuals are affiliated with the OctaPay brand. These affiliations suggest the existence of another legal entity, OctaPay LLC, alongside OctaPay Ltd. Singh refers to herself as the “Group CEO,” implying that OctaPay operates through a network of corporate structures under one umbrella brand. Notably, most of these LinkedIn profiles were created recently.
Questionable KYC Practices and Reputation Risks
Reports from the PayTech industry suggest that OctaPay is actively pursuing new partnerships and merchant accounts with a notably aggressive strategy. However, concerns have been raised regarding the authenticity and quality of the Know-Your-Customer (KYC) documentation the company presents—described by insiders as “suspicious” at best.
As a result, many potential partners are reportedly hesitant to engage with OctaPay. Their reluctance is driven by fears of inadequate anti-money laundering measures, potential compliance violations, and overall concern that high-risk merchants might be exposed to exploitative practices.
Connections Between OctaPay and iPayTotal
Industry insiders analyzed OctaPay’s API and discovered it to be an almost exact replica of the PumaTS framework, previously linked to fraudulent platforms such as RoyalGTX and FmiAtlas.
There is growing speculation about OctaPay’s ties to iPayTotal, with some sources suggesting that OctaPay could be a direct continuation or spin-off of the now-defunct high-risk payment firm. In online discussions and financial forums, there are numerous claims asserting that the same beneficial owners are behind both operations.
An example of a related entity is Rashal International LLC, controlled by Vishal Coodye, which has documented connections to iPayTotal and may also play a role in OctaPay’s network.
Call for Information
While there is no definitive evidence confirming a legal relationship between iPayTotal and OctaPay, their operational similarities and overlapping personnel warrant further scrutiny.
If you possess any insights or information related to:
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OctaPay Limited
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Madhumita Singh
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OctaPay’s executive team
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Associated entities or suspicious practices
We encourage you to contribute to our investigation by submitting details to the Scam-Or Project via our secure Whistleblower System.