$4.1 million iX Global fraud case in Mumbai, India
A new iX Global investment fraud case has been opened in Mumbai, India.
200 victims have come forward alleging Rs. 350 million in losses (~$4.1 million USD).
As reported by the Indian Express on September 2nd;
The Mumbai Police have booked 25 people including the directors of four firms and their over two dozen agents on Friday.
The booked suspects are accused of iX Global recruitment on the promise of “lucrative returns”.
The police have booked firms IX global LLC, IX Global Academy Private Limited, Pochale Global Academy Private Limited, TB Global [sic] and their 21 directors and agents from Mumbai, US, Palghar and Pune.
“TB Global” above appears to be a typo for TP Global, an iX Global connected company run by Viraj Patil.
iX Global’s US Director is assumed to be founder and CEO, Joseph Martinez.
All entities and individuals have been booked under sections 406 (criminal breach of trust), 409 (criminal breach of trust by a public servant, banker, merchant, or agent), 420 (cheating), 120B (criminal conspiracy) and 34 (common intention) of the IPC and Sections 3 and 4 of the Maharashtra Protection of Interest of Depositors (MPID) Act.
The Mumbai case marks the second arrest warrant issued for Martinez. Last October Kolkata police issued an arrest warrant for Martinez in a related iX Global criminal case.
iX Global recruitment in India was overseen by Viraj Patil. Originally from Mumbai, Patil relocated to Dubai in order to continue defrauding investors in India.
Patil was arrested by Indian authorities in Kolkata in December 2023. Having been denied bail, Patil remains in custody.
Beyond stealing money from Indians, Joe Martinez has no ties to India and is unlikely to travel to the country any time soon.
Martinez recently shut down iX Global, fearing renewed pending fraud charges by the SEC. Whether US authorities intend to file criminal charges against Martinez is unclear.
Similar to TP Global in India, US iX Global investors were defrauded through Debt Box. As of July 2024 three Debt Box’s principals, all US nationals, appear to have also fled to Dubai.
saw the complaint and the report where the accused are
ix global llc
pochen global
tp global
Viraj Patil
Joseph Martinez
priyanka khanna
savio Perriera
Ramesh Chaudhari
harsh bansal
Naina Bhati
Ranveer singh
Mangesh shinde
himanshu vyas
Sadanand parkar
prashant Savarkar
Vikrant kadam
Umang Gogri
Muhammad Rashid
nilesh davkhare
Ramzan sayyed
prasad malshekar
ajit dokhe
Gavin desilva
other agents (will be added later)
@oz this is the fifth arrest warrant. not the second.
first 2 in Kolkata and enforcement directorate
third in nagpur
fourth in Andhra Pradesh
fifth may come soon from this FIR.
Press Release 20.06.2024
enforcementdirectorate.gov.in/sites/default/files/latestnews/Press%20Release%20-search-TP%20Global-09-06-2024%203.pdf
If the police had so much information why did it not stop it earlier:
moneylife.in/article/ix-global-tp-global-fx-scam-after-nagpur-police-mumbai-police-register-fir-against-25-in-rs3521-crore-investment-fraud/75102.html
No matter when a Ponzi collapses or authorities take action, “why wasn’t anything done earlier?” can always be asked.
BehindMLM had an iX Global review up identifying securities fraud in February 2021. Why didn’t investors do due-diligence before signing up to lose money?
It goes both ways.
Raven b can you provide the complaint report?
@sagar – sorry don’t have the entire complaint or fir but what I know is that other names can be added as accused.