Following executed search warrants on January eleventh, Indian authorities have frozen Rs. 6.4 million (~$77,000 USD).
In a January twelfth press-release, the Enforcement Directorate revealed the funds had been tied to iX International and TP International FX.
ED investigation revealed that Prasenjit Das, Shailesh Kumar Pandey, Tushar Patel and different individuals by numerous dummy firms/companies/entities, defrauded the general public underneath the guise of creating investments in foreign currency trading through the use of the platform/web site of TP International FX.
These funds had been subsequently utilized in buy of movable/immovable properties for private features/advantages of accused individuals.
The members/person of IX international use the brokerage companies of TP International FX to do their foreign currency trading. IX International received the Proceed of crime in selling TP International FX and is promoted by Viraj Suhas Patil and Joseph Martinez.
Patil, who oversaw cash laundering by TP International FX, was arrested in Mumbai final month.
Joe Martinez, CEO of iX International, was additionally in India on the time however seems to have escaped arrest. He stays a needed fugitive.
As a part of the ED’s ongoing investigation, arrest warrants for Patil and Martinez had been issued in October 2023.
Individually, Martinez is a defendant in an August 2023 $49 million civil fraud lawsuit filed by the SEC.
SimilarWeb tracked simply ~16,000 month-to-month visits to iX International’s web site final month. This was down 19% from November 2023.
Exterior of minor exercise in India (seemingly a results of Martinez’s promotional efforts final month), iX International recruitment seems to have stalled.