A brand new iX International funding fraud case has been opened in Mumbai, India.
200 victims have come ahead alleging Rs. 350 million in losses (~$4.1 million USD).
As reported by the Indian Specific on September 2nd;
The Mumbai Police have booked 25 folks together with the administrators of 4 corporations and their over two dozen brokers on Friday.
The booked suspects are accused of iX International recruitment on the promise of “profitable returns”.
The police have booked corporations IX world LLC, IX International Academy Non-public Restricted, Pochale International Academy Non-public Restricted, TB International [sic] and their 21 administrators and brokers from Mumbai, US, Palghar and Pune.
“TB International” above seems to be a typo for TP International, an iX International related firm run by Viraj Patil.
iX International’s US Director is assumed to be founder and CEO, Joseph Martinez.
All entities and people have been booked beneath sections 406 (legal breach of belief), 409 (legal breach of belief by a public servant, banker, service provider, or agent), 420 (dishonest), 120B (legal conspiracy) and 34 (widespread intention) of the IPC and Sections 3 and 4 of the Maharashtra Safety of Curiosity of Depositors (MPID) Act.
The Mumbai case marks the second arrest warrant issued for Martinez. Final October Kolkata police issued an arrest warrant for Martinez in a associated iX International legal case.
iX International recruitment in India was overseen by Viraj Patil. Initially from Mumbai, Patil relocated to Dubai with the intention to proceed defrauding buyers in India.
Patil was arrested by Indian authorities in Kolkata in December 2023. Having been denied bail, Patil stays in custody.
Past stealing cash from Indians, Joe Martinez has no ties to India and is unlikely to journey to the nation any time quickly.
Martinez lately shut down iX International, fearing renewed pending fraud expenses by the SEC. Whether or not US authorities intend to file legal expenses towards Martinez is unclear.
Much like TP International in India, US iX International buyers had been defrauded by means of Debt Field. As of July 2024 three Debt Field’s principals, all US nationals, seem to have additionally fled to Dubai.