Following executed search warrants on January 11th, Indian authorities have frozen Rs. 6.4 million (~$77,000 USD).

In a January 12th press-release, the Enforcement Directorate revealed the funds were tied to iX Global and TP Global FX.

ED investigation revealed that Prasenjit Das, Shailesh Kumar Pandey, Tushar Patel and other persons through various dummy companies/firms/entities, defrauded the public under the guise of making investments in forex trading by using the platform/website of TP Global FX.

These funds were subsequently used in purchase of movable/immovable properties for personal gains/benefits of accused persons.

The members/user of IX global use the brokerage services of TP Global FX to do their forex trading. IX Global got the Proceed of crime in promoting TP Global FX and is promoted by Viraj Suhas Patil and Joseph Martinez.

Patil, who oversaw money laundering through TP Global FX, was
arrested in Mumbai
last month.

Joe Martinez, CEO of iX Global, was also in India at the time but appears to have escaped arrest. He remains a wanted fugitive.

As part of the ED’s ongoing investigation,
arrest warrants for Patil and Martinez
were issued in October 2023.

Separately, Martinez is a defendant in an August 2023
$49 million civil fraud lawsuit filed by the SEC
.

SimilarWeb tracked just ~16,000 monthly visits to iX Global’s website last month. This was down 19% from November 2023.

Outside of minor activity in India (likely a result of Martinez’s promotional efforts last month), iX Global recruitment appears to have stalled.

🤖 Quick Answer

What action did Indian authorities take against iX Global in January?
Indian authorities executed search warrants on January 11th and froze approximately Rs. 6.4 million ($77,000 USD) linked to iX Global and TP Global FX. The Enforcement Directorate investigation revealed that company principals defrauded investors through forex trading schemes using dummy entities and subsequently purchased properties with illicit proceeds.

Who were the key individuals involved in the iX Global fraud scheme?
The investigation identified Prasenjit Das, Shailesh Kumar Pandey, Tushar Patel, and other associates as perpetrators. These individuals operated through various dummy companies and entities to defraud the public by soliciting investments in forex trading via the TP Global FX platform while concealing fraudulent activities.

How did the fraud operation function between iX Global and TP Global FX?
iX

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