India has long been the leader of the global fintech market. Local startups are actively developing, and interest in them from international investors continues to grow. However, the case of Transpay Solutions clearly demonstrates how vulnerable this sector can be. The actions of Neeta Kapoor and Jitender Vats – individuals involved in suspicious digital projects – call into question the effectiveness of supervisory mechanisms and threaten to tarnish the reputation of the entire industry. At a time when the authorities are trying to attract foreign investment, such incidents can seriously damage the country’s appeal.
Transpay: Behind the fintech facade is emptiness
At first glance, Transpay Solutions is no different from many other small fintech companies operating in India. However, behind this deceptively simple facade are already familiar schemes – fictitious partnerships, shell companies, the absence of genuinely functioning products. Such practices mislead potential clients and deter institutional investors, undermining trust even in honest market players.
Transpay Solutions Private Limited was registered in April 2022 in Noida, Uttar Pradesh, with minimal seed capital. The company formally declared its activities in the field of business services. The key figure is Neeta Kapoor – co-founder and director of Transpay, who was previously associated with Bhartipay Fintech. The latter was excluded from the register due to violations.
Both structures share similar traits: weak or nonexistent reporting, minimal digital footprint, and lack of transparent business connections. In addition to fintech, Kapoor has been involved in projects far removed from the tech sphere – from fitness centers to amateur mixed martial arts competitions. Such activities are often used to disguise the siphoning of funds from fake business structures.
Photo: Neeta Kapoor
Although Transpay de jure continues to exist, the company holds no licenses, its website has not been updated for a long time, and corporate email addresses are registered on free Gmail domains – which is not typical for reputable fintech companies. Kapoor uses the same contacts and connections in different projects, which may indicate a closed circle of trusted individuals involved in building networks of shell companies. Typically, her role is limited to registering companies and participating in the initial stage, after which she disappears from sight.
The peculiarity of Transpay is that after Deepa Mishra’s exit from the board of founders, Kapoor remained the sole director. Despite the lack of official statements, she is likely to remain the main beneficiary.
Jitender Vats: The virtual top manager
The Transpay story also features Jitender Vats, a native of Delhi or Haryana. He presented himself as the owner of a company called PaymentsMe, which turned out to be non-existent. Vats actively promoted Transpay and its associated companies in the Middle East, positioning himself as a regional representative.
Photo: Jitender Vats, who also goes by the name Vitender Singh
He is not officially listed in any registered legal entity in India. Moreover, his online activity is associated with password leaks, fake domains and a complete lack of any documented business proof. PaymentsMe is not registered, and Vats’ contact details are associated to unofficial sources.
Analysis of his activity on social networks (LinkedIn, Telegram, X/Twitter) indicates systematic involvement in various schemes. He used fictitious brands and attracted clients without having any legal basis. He was also previously linked to the Verve Payments platform, which has no transparent registration and which, in fact, functioned as a shell entity connected to other shadowy companies.
All this points to a deliberate behaviour pattern: creating an illusion of legitimacy and gaining the trust of potential clients, only to then fail any obligations and disappear without a trace.
Impunity and reputational losses
Despite the fact that the activities of both Kapoor and Vats raise serious doubts, no official criminal investigations are underway against them. The recurring pattern – registration and rapid liquidation of companies, formal KYC procedures, use of Gmail and fake websites – indicates a systemic problem. Indian regulators simply are not keeping up with such cases or do not consider it necessary to intervene in them.
The main risk is not only in the damage to specific clients, but also in the decline of confidence in the Indian fintech sector as a whole. In the eyes of foreign investors, each such story becomes a blemish on the country’s reputation.
It is noteworthy that Transpay continues to be listed in official registers as an active company, has no legal disputes in the courts and even submits reports. All this creates an illusion of legality, behind which are hidden structures controlled by non-public and unaccountable individuals, acting within the framework of the law only on paper.
As long as regulators continue to turn a blind eye to formally ‘clean’ companies that in reality operate as shell ones, the industry remains vulnerable. And trust is undermined not only domestically, but also internationally.
Indian fintech needs real oversight
Indian fintech cannot afford to have its reputation damaged by fringe players. The Transpay story is not just an occasional episode of digital fraud, but an alarming signal for the entire sector. Neither an impressive education nor registration guarantees integrity. And for international investors, the lack of transparency is a clear red flag.
If India wants to maintain its status as a fintech innovation hub, formal checks alone are not enough. There is a need for proper monitoring of suspicious activity, public investigations into cases like Transpay, and stronger accountability mechanisms. Otherwise, the next company with a Gmail address and a fake website will undermine trust completely.
