A Might 1st report from India’s Directorate of Enforcement has supplied perception into the continuing fraud investigation into iX International and CEO Joseph Martinez.
Particulars of the Indian iX International investigation first got here to gentle in 2022, following the arrest of cash launderer Satish Pandey.
Based mostly on communications between Indian regulators, the investigation itself seems to have started in late 2021.
The subsequent main improvement was the arrest of Viraj Patil in December 2023. Patil is the proprietor of TP International and a prime iX International promoter.
Whereas iX International defrauded US customers by way of a fraudulent funding scheme run at the side of Debt Field, iX International defrauded Indian customers by way of TP International.
As per the ED’s Might 1st press-release;
Directorate of Enforcement (ED), Kolkata Zonal Workplace has provisionally hooked up belongings value Rs 18.58 Crore belonging to Viraj Suhas Patil below the Prevention of Cash Laundering Act (PMLA), 2002 in reference to the case of TPGlobalFX (TM Dealer and KK Merchants).
ED initiated investigation on the premise of FIR registered by the Kolkata Police below numerous sections of IPC, 1860 towards M/s TM Merchants and M/s KK Merchants.
It got here to gentle that TP International FX, as per the Reserve Financial institution of India (RBI), lacks registration and authorization for foreign currency trading.
RBI, by way of a Press Launch dated 07.09.2022, included TPGlobalFX in its Alert Listing, cautioning most people towards participating with unregistered buying and selling platforms.
ED investigation revealed {that a} complicated internet of deceit orchestrated by people together with Prasenjit Das, Shailesh Kumar Pandey, Tushar Patel, and others, who operated by way of numerous dummy firms/entities, attractive the general public to put money into foreign currency trading through the TP International FX platform.
IXGlobal, promoted by Viraj Suhas Patil and Joseph Martinez, utilized their affect to draw buyers, to take a position utilizing TPGlobalFX Platform promising substantial returns.
Consequently, buyers poured their funds into this fraudulent scheme, and these funds had been diverted by accused individuals for buying private belongings.
Beforehand, ED had apprehended/arrested Shailesh Kumar Pandey, Prasenjit Das, and Viraj Suhas Patil.
Property value Rs 263 Crore comprising money, gold, actual property, hospitality institutions, autos, crypto currencies, and financial institution balances, had been seized/frozen/hooked up on this case.
Two Prosecution Complaints had already been filed towards the arrested accused, with the Hon’ble Particular Courtroom (PMLA) taking cognizance of the offense of cash laundering.
BehindMLM coated Joe Martinez’s Indian arrest warrant in October 2023. Martinez (proper) stays at massive within the US.
Legal proceedings in India are nonetheless very a lot taking part in out, with the ED confirming they’re investigation is ongoing.
In the meantime within the US no felony fees have been filed.
The SEC filed a civil fraud case towards Debt Field, iX International and Martinez, nonetheless as a consequence of admin errors on the SEC’s half the case was voluntarily dismissed final month.
With $110 million in alleged securities fraud unprosecuted, it’s anticipated the SEC will refile in some unspecified time in the future.
Neither US authorities or their Indian counterparts have confirmed whether or not they’re working collectively.