OctaPay emerged in 2020 as a high-risk payment processor, aiming to serve industries such as online gaming, cryptocurrency, and forex trading. Despite initial promise, the company faced significant challenges, leading to its abrupt disappearance and leaving numerous questions unanswered.
Formation and Leadership
|
Key Individuals |
Roles and Associations |
|
Madhumita Singh |
Founder and Director of OctaPay Ltd, associated with iPayTotal. |
|
Ruchi Rathor |
Investor and supporter, linked to iPayTotal and other high-risk payment ventures. |
|
Sen Kugan |
Former Director at iPaySolutions, involved in hiring for iPayTotal. |
|
Davina Mungroo |
Early employee at iPayTotal, later associated with OctaPay. |
|
Nehal Bajaj (LinkedIn) |
Hired by OctaPay during its operational phase. |
|
Christian van Biezen |
Director of Strategic Partnerships at OctaPay; resigned in December 2020. |
OctaPay was established in the UK in September 2020 by Madhumita Singh, with technical and financial backing from Ruchi Rathor. The company quickly onboarded merchants and collaborated with acquirers such as Wyre, OpenNode, OPay, Flutterwave, and Texcent. However, internal conflicts and allegations of favoritism led to staff changes, including the dismissal of Mita Singh from iPayTotal, which influenced the formation of OctaPay.
Operational Challenges and Collapse
OctaPay’s operations were marred by issues with acquiring partners. Notably, OpenNode, Wyre, and Texcent allegedly ceased operations abruptly, withholding funds owed to OctaPay and its merchants. This financial strain compelled OctaPay to halt its services, leaving merchants unpaid and leading to the company’s dissolution.
Connections to iPayTotal
Investigations revealed that OctaPay was part of a network linked to iPayTotal, a high-risk payment processor with a controversial history. Key figures, including Ruchi Rathor and Madhumita Singh, were associated with both entities. iPayTotal faced insolvency and liquidation, with allegations of defrauding merchants, which cast a shadow over OctaPay’s credibility.
Unresolved Issues and Aftermath
The sudden disappearance of OctaPay left many merchants without their funds, leading to numerous complaints and legal inquiries. The company’s websites and LinkedIn profiles were taken down, and key personnel became untraceable, leaving many questions unanswered.
Call for Information
Individuals with insights into OctaPay, iPayTotal, or related entities are encouraged to share information through whistleblower platforms to assist ongoing investigations.
The OctaPay saga underscores the complexities and risks inherent in the high-risk payment processing industry, highlighting the need for transparency and due diligence.