A May 1st report from India’s Directorate of Enforcement has provided insight into the ongoing fraud investigation into iX Global and CEO Joseph Martinez.

Details of the Indian iX Global investigation first came to light in 2022, following the
arrest of money launderer Satish Pandey
.

Based on communications between Indian regulators, the investigation itself appears to have began in late 2021.

The next major development was the
arrest of Viraj Patil
in December 2023. Patil is the owner of TP Global and a top iX Global promoter.

Whereas iX Global defrauded US consumers through a
fraudulent investment scheme run in conjunction with Debt Box
, iX Global defrauded Indian consumers through TP Global.

As per the ED’s May 1st press-release;

Directorate of Enforcement (ED), Kolkata Zonal Office has provisionally attached assets worth Rs 18.58 Crore belonging to Viraj Suhas Patil under the Prevention of Money Laundering Act (PMLA), 2002 in connection with the case of TPGlobalFX (TM Trader and KK Traders).

ED initiated investigation on the basis of FIR registered by the Kolkata Police under various sections of IPC, 1860 against M/s TM Traders and M/s KK Traders.

It came to light that TP Global FX, as per the Reserve Bank of India (RBI), lacks registration and authorization for forex trading.

RBI, through a Press Release dated 07.09.2022, included TPGlobalFX in its Alert List, cautioning the general public against engaging with unregistered trading platforms.

ED investigation revealed that a complex web of deceit orchestrated by individuals including Prasenjit Das, Shailesh Kumar Pandey, Tushar Patel, and others, who operated through various dummy companies/entities, enticing the public to invest in forex trading via the TP Global FX platform.

IXGlobal, promoted by Viraj Suhas Patil and Joseph Martinez, utilized their influence to attract investors, to invest using TPGlobalFX Platform promising substantial returns.

Consequently, investors poured their funds into this fraudulent scheme, and these funds were diverted by accused persons for acquiring personal assets.

Previously, ED had apprehended/arrested Shailesh Kumar Pandey, Prasenjit Das, and Viraj Suhas Patil.

Assets worth Rs 263 Crore comprising cash, gold, real estate, hospitality establishments, vehicles, crypto currencies, and bank balances, were seized/frozen/attached in this case.

Two Prosecution Complaints had already been filed against the arrested accused, with the Hon’ble Special Court (PMLA) taking cognizance of the offense of money laundering.

BehindMLM covered
Joe Martinez’s Indian arrest warrant
in October 2023. Martinez (right) remains at large in the US.

Criminal proceedings in India are still very much playing out, with the ED confirming they’re investigation is ongoing.

Meanwhile in the US no criminal charges have been filed.

The SEC filed a
civil fraud case against Debt Box, iX Global and Martinez
, however due to admin errors on the SEC’s part the case was

🤖 Quick Answer

What is the iX Global fraud investigation in India about?
India's Directorate of Enforcement investigation concerns fraud committed by iX Global and CEO Joseph Martinez against Indian consumers through TP Global. The probe began in late 2021, leading to arrests of money launderer Satish Pandey and TP Global owner Viraj Patil in December 2023.

How did iX Global defraud Indian and US consumers differently?
iX Global defrauded US consumers through a fraudulent investment scheme operated with Debt Box, while targeting Indian consumers through TP Global, a separate entity owned by promoter Viraj Patil, utilizing different operational channels and local partnerships.

When did the iX Global investigation in India become public?
Details of the Indian iX Global investigation emerged in 2022 following the arrest of money launderer Satish Pandey. However,

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