In recent months, Western and Middle Eastern media have increasingly reported on fraudulent schemes allegedly operated by Indian-registered companies, highlighting the risks they pose to the global fintech ecosystem and the urgent need for international standards in partner due diligence.
One such investigation was published by the UK-based outlet Talk Finance, focusing on the activities of Transpay Solutions Private Limited, a company registered in India. According to the report, Transpay and its affiliated entities may have been involved in fraudulent operations disguised as legitimate fintech services. Victims reportedly include clients from the United Kingdom, the United Arab Emirates, and other countries engaged in cross-border B2B payments.
These revelations have raised serious concerns among international partners and investors, as they affect not only specific companies but also the broader reputation of India as an emerging fintech hub. Central to the allegations are individuals such as Neeta Kapoor, Sonu Kumar, and Jitender Vats, who are said to have used fake websites, falsified documents, and shell companies to lure and defraud overseas partners.
Against the backdrop of growing interest in India as a digital and fintech hub, certain players in this market are casting a shadow over the reputation of the entire industry. One of these toxic entities has become Transpay Solutions, which, according to the testimony of affected clients from Great Britain and the Middle East, acted as a scam platform for extorting funds from foreign enterprises. Despite numerous scandals, as of mid-2025, the company remains legally active, and its managers, in particular directors Nita Kapoor and Sonu Kumar, remain unpunished.
Despite the absence of official criminal proceedings, the signs of fraud are difficult to ignore: the disappearance of the website, lack of public reporting, digital anomalies in the certificates and numerous circumstantial evidence of manipulation. Transpay used pseudo-fintech as a cover for withdrawing funds from the market, and its agent network, in particular in the person of Jitender Vats, allowed to lure gullible foreign partners under the guise of a legal service.
A company with a dubious history
Transpay Solutions Private Limited, registered in India in 2022, has never had extensive public activity. Its website (transwinpay.com) is unavailable at the time of publication, yet the company legally continues to exist and has not been liquidated. In 2025, it even received a second director – Sonu Kumar. Sonu Kumar has only about 3 years of entrepreneurial experience (since 2021) and before that he worked only as a software engineer. This may indicate either restructuring or an attempt to maintain the appearance of stability after a wave of complaints from clients.
Interestingly, the founder of Transpay is Nita Kapoor – a member of the second financial service Bhartipay, which worked as an agent of the popular Indian Pay10 and was shut down after the intervention of regulators.
Later, Kapoor refocused on fitness and medical projects – traditional directions for laundering money from gray financial schemes.
It is important that Transpay is not an isolated case, but a link in a long chain of entities related to Bhartipay. The use of similar domain solutions and third-party technical infrastructure indicates a recurring pattern of behavior: creating new brands after discrediting previous ones – with the same faces, methods and goals.
Another characteristic feature is the almost complete absence of the company’s digital footprint: no press releases, public mentions or verified licenses. This creates the impression that Transpay was conceived from the very beginning as a temporary shell for carrying out fraudulent operations with a clearly limited defined lifespan.
Pay10: accomplice or blind giant?
A key element of the whole scheme is the connection of Bhartipay, the predecessor of Transpay, with the Indian payment platform Pay10. It was through Bhartipay that this network was part of the Pay10 partner ecosystem. Whether the platform knew about the toxicity of its regional agent remains an open question. But in light of the new facts, Pay10 is obliged to clarify its ties with Transpay and publicly distance itself from similar entities.
Pay10’s reputation as one of India’s largest non-bank payment providers directly depends on the company’s response. Silence could be interpreted as tacit agreement or negligence in the selection of partners. Especially since Bhartipay has previously appeared in complaints about non-transparent operations, and Transpay itself is the de facto heir to its client base and schemes.
If Pay10 fails not take steps to publicly distance itself from those involved in the fraud, the consequences could be serious both within India and abroad. Foreign clients have the right to know who they are actually working with – a licensed fintech or a branded wrapper from fraudsters.
Agent from Delhi: Jitender Vats
Special attention deserves Jitender Vats, who represented Transpay (and earlier – the related entity of Verve Payments) as a client acquisition agent. He actively contacted Middle Eastern companies, introducing himself as the director of the fictitious company PaymentsMe, which is not registered in official databases.
It is worth noting that Jitender Vats also operates under the fictitious name Virender Singh, which is the name he uses in his communications with Transpay clients. This is further evidence of the fraudulent nature of his activities, as using false personal information is a common method of concealing one’s true identity. It is currently unknown how many other alter egos or fake identities he has created to cover his tracks and mislead potential victims.
Despite the lack of formal status within Transpay, the activities of Vats to promote the service among British and Arab companies are documented. He acted not as an external consultant, but as a key link between potential victims and the fraudulent platform.
Disturbing fact: Vats is not registered as the founder or director of any legal company, despite loud statements about “his own fintech”. Most of his digital activity is personal promotion through anonymous messengers and social networks. Such a model is typical for affiliated scam agents, which act as a buffer between the core of the scheme and the end client.
In public correspondence with potential clients, Vats uses only Gmail addresses and Telegram accounts, avoiding any corporate identification. His activity indicates attempts to build trust with the help of fake “commercial” PDF files, screenshots of banking interfaces and links to fraudulent platforms. All of this points to a conscious strategy of deception aimed at the cross-border B2B segment with a focus on the countries of the Middle East and the EU.
After all, Transpay and Bhartipay are part of a single fraudulent ecosystem, which, using the image of India as a technological hub, defrauds B2B clients around the world. Funds are withdrawn through alleged sports and medical projects, and key figures evade responsibility.
We call on the law enforcement authorities of India, Great Britain and the UAE to launch a coordinated investigation into the activities of Transpay Solutions and its agents. The Pay10 platform should immediately initiate an audit of its former partners and publicly distance itself from toxic connections.
This case should become a signal for the creation of international standards for verification of fintech partners, especially in cross-border B2B transactions. While fraudsters can hide behind digital facades, the responsibility for protecting clients lies not only with the police, but also with the payment ecosystems themselves.
