Seems iX Global top earner Viraj Patil didn’t fancy spending Christmas and New Year’s in Dubai.

Viraj, a wanted fugitive, was arrested after his flight from Dubai landed at Chhatrapati Shivaji Maharaj International Airport on Sunday night.

As reported by TV9 Bangla on December 25th, the Enforcement Directorate took Patil (right) into custody in Kolkata on Monday.

Patil (right) is one of thirteen suspects wanted in connection with iX Global fraud charges.

The ED’s investigation into iX Global began in 2022. The case has since led to the arrest of Sailesh Pandey, Arvind Pandey, Rohit Pandey and Prasenjit Das.

The Pandeys and Das are tied to the money laundering side of iX Global, which is linked to TP Global FX.

Indian authorities claim iX Global and TP Global FX laundered at least $25 million in stolen investor funds.

In October additional arrest warrants were issued, among them Viraj Patil and iX Global CEO Joe Martinez (right).

Martinez is a US national. In August 2023 the SEC sued Martinez and iX Global, alleging at least $49 million in securities fraud.

iX Global launched in 2020 and pitched passive monthly returns of up to 20%.

In India iX Global’s advertised returns climbed as high as 25%.

The returns iX Global illegally marketed were purportedly generated through Debt Box. Debt Box and its executives have also been sued by the SEC.

Pending any updates on Patil’s arrest, we’ll keep you posted.


Update 26th December 2023 – Four days ago Joe Martinez posted a marketing video to his Instagram page, suggesting he might be in Mumbai.

The video is undated but was uploaded to Instagram on December 22nd. If Martinez was in India at the time of Patil’s arrest, or whether he’s still there is unclear.