Indian authorities have issued arrest warrants for a number of iX International promoters.
Among the many wished fugitives is Viraj Patil, whose fraud has been celebrated on Ted Nuyten’s BusinessForHome;
Initially from India, Patil has since fled the nation for Dubai.
After talking with seventeen iX International victims in India, Cash Management broke information of the arrest warrants on October third.
There are two firms at play right here. The primary one is TP International FX, a dealer regulated in Vanuatu (a small island within the South Pacific), in keeping with its web site. One other participant is the Mumbai-based IX Academy Non-public Restricted, and the US-based firm IX International LLC.
IX Academy, which referred to as itself an investor training platform, instructed utilization of TP International FX for automated buying and selling.
It was a Ponzi scheme with a twist. A multi-level advertising scheme that additionally paid present traders to attract in additional individuals.
One of many accused named within the Kolkata Police chargesheet is Viraj Patil, ex-director of IX Academy Non-public Restricted and a distributor for IX International LLC.
Patil didn’t reply to our outreach.
iX International’s automated passive returns scheme ended after the SEC sued it for $49 million in fraud again in August (now $110 million).
iX Academy has since been rebranded as an training solely platform.
In whole seventy iX International victims have filed complaints with India’s Financial system Offensenses Wing.
The Enforcement Directorate (ED) has hooked up financial institution accounts with Rs 121 crore in deposits and one other Rs 118 crore value of different property like shares, mutual funds, bonds, luxurious automobiles, flats, industrial areas, and resorts, which belong to the accused.
As of September 2023, a number of businesses together with the Kolkata Police are investigating the case.
Whereas Patil ignored Cash Management’s makes an attempt to succeed in him, iX International CEO Martinez did reply and threatened the publication.
Martinez denied any hyperlink with TP International FX in an e mail response. “Any information, video, assertion, article, presentation printed or introduced by you on any platform is at your personal value, danger and peril.
Cash Management factors out they’ve footage of Patil (proper), as an iX International distributor, selling TP International FX at an expo in 2021.
The connection between the 2 firms can also be evident within the presentation shared with the traders.
The slides, which carry the IX International emblem, clearly inform customers the way to login to TP International FX’s software.
Patil and Martinez (proper) are wished by Kolkata Police on fraud fees. Patil is called in a September 1st court docket order, as a part of a case introduced ahead by the Central Bureau of Investigation.
Final October, Indian authorities arrested Sailesh Pandey on cash laundering fees. Pandey was accused of laundering $9 million for iX International out of India.
Whether or not there are pending iX International prison fees within the US is unclear.
Replace 1st November 2023 – Seems along with being the highest earner in iX International, Viraj Patil is the “Managing Director” of TP International FX.
The above slide is from a ForexExpo occasion held in Dubai in 2021. Joe Martinez, as CEO of iX International, is reported to have been within the viewers.
BehindMLM reader Don We within the feedback beneath has additionally supplied a full listing of iX International wished suspects in India:
1. Sailesh Pandey, S/o Late Surya Kumar Pandey
2. Rohit Pandey S/o Late Surya Kumar Pandey
3. Arvind Kumar Pandey S/o Late Surya Kumar Pandey
4. Prasenjit Das S/o Pashupati Das
5. Tushar Patel S/o Bhikhubhai Patel
6. Manish Kumar Patel aka Manish Patel S/o Nagajibhai Patel
7. Kaushal Kumar Sah S/o Nami Lal Sah
8. Aman Thakur S/o Anil Thakur
9. Pankaj Kumar Tiwary S/o Krishna Prasad Tiwary
10. Rahul Kumar Akela S/o Rudal Prasad Singh
11. Rakesh Kumar Singh S/o Rudal Prasad Singh
12. Viraj Subhas Patil aka Viraj Patil S/o Subhas Raghunath Patil
13. Joe Martinez aka Joseph Martinez