Indian authorities freeze ~$77,000 tied to iX Global
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.