Tagged: payment processors

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MOBE processor QualPay ordered to return $6.3 million in stolen funds

A request from Qualpay to keep $6.3 million stolen from MOBE victims has been denied.The TRO in place against MOBE requires all funds related to the fraudulent business be turned over.
Rather than hand over the $6.3 million it processed for MOBE, Qualpay instead sought an exemption from the TRO.
The processor argued that should be required to return the funds, it faced “imminent insolvency”.
Qualpay used Synovus Bank to hold the funds, who separately also filed for an exemption from the TRO.
Both Qualpay and Synovus’ respective motions were heard on July, with a decision denying both motions made earlier today.
In a response filing…

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Firoz Patel’s Payza tax fraud bill climbs to $15.2 million

Firoz Patel’s Payza tax fraud bill has claimed to $15.2 million, following adjusted undeclared income of $26.2 million USD.Revenu Québec previously pegged Patel’s unpaid taxes at $10.8 million, however an ongoing investigation has revealed additional undeclared income.
In its efforts to recover Patel’s unpaid taxes, Revenu Québec has frozen his Canadian bank accounts and seized the Patel family home in Montreal.
The regulator is also hoping to secure another $1.2 million from Mazarine Commerce, one of the shell companies used to operate Payza through.
Firoz’s wife Nazlin Patel is also being pursued for $2.6 million. His brother and co-founder of Payza, Ferhan Patel, owes Revenu Québec…

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Payza’s Firoz Patel surfaces in Canada, mocks DOJ

Following his indictment earlier this year, Payza co-founder Firoz Patel went into hiding.Now, if a June 12th Facebook status update is to be believed, Patel has resurfaced in Quebec, Canada.
Patel’s June 12th “check in” update is accompanied with a message seemingly aimed at the Department of Justice:
I want to take a moment and loosely quote Mark Twain… “The reports of my demise have been greatly exaggerated.”

The DOJ have filed a $250 million money laundering case against Payza, Firoz Patel and his brother Ferhan.
Ferhan was arrested in March and is currently being held by US authorities. Firoz is a wanted fugitive and,…

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Payza’s Firoz Patel and wife pursued for millions in unpaid taxes

In addition to being a wanted fugitive on the run from money laundering charges in the US, Payza co-founder Firoz Patel is also in trouble with Canadian authorities.According to a May 20th report by the Montreal Journal, Firoz and his wife Nazlin Patel owe the Revenu Quebec $14 million CAD in unpaid taxes ($10.8 mill USD).
In an attempt to recover the outstanding tax bill, Revenu Quebec won a judgment against the Patel’s Montreal residence.
The property is valued at over $2 million CAD and is part of Revenu Quebec’s attempts to recover $3.5 million owed by Nazlin Patel.
Patel is believed to dodged…

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Payza co-founder Ferhan Patel wants release, brother still at large

Despite initially consenting to detention, Payza co-founder Ferhan Patel wants out.In a Motion to Revoke Detention Order filed on April 19th, Patel has asked the court to either outright release him, or in the alternative allow him to stay with his brother-in-law in New York.In justification of his release, Patel’s attorney claims he’sa fully employed Canadian citizen with no prior criminal record or history of failures to appear.He has no alcohol or substance abuse issues.Mr. Patel has been married since 2005, and he has a nine-year old son and five-year old girl from that union.He holds an MBA from a university…