Details of the iX Global & Joe Martinez investigation in India

29 Comments on “Details of the iX Global & Joe Martinez investigation in India”

#1

Raven b

Jun 13th, 2024 at 1:29 pm  Raven b(Q)

maybe that’s why they changed the name from ix academy private limited to pochen global services private limited and Viraj Patil resigned and went to dubai ….

saw an article on business from home where Joseph Martinez says that the sec being punished is the victory for direct selling industry….. is it.



#2

Oz

Jun 13th, 2024 at 1:31 pm  Oz(Q)

SEC was sanctioned for messing up the admin side of the case. The underlying $110 million in securities fraud has yet to progress through a court.

Unless the direct selling industry wants to take ownership of securities fraud and a wanted fugitive, there was no victory.



#3

AntiMLM

Jun 13th, 2024 at 2:59 pm  AntiMLM(Q)

Raven b:
saw an article on business from home where Joseph Martinez says that the sec being punished is the victory for direct selling industry….. is it.

Their only win is getting some junior prosecutors in big trouble for not filing properly. Court did not rule iX “not a scam” so no win there.



#4

Raven b

Jun 18th, 2024 at 10:16 pm  Raven b(Q)

does ted nuyten get paid for publishing this ? he seems to be some sort of an expert on mlm .

why would someone who likes mlm industry publish this without some ulterior motive ?



#5

Raven b

Jul 5th, 2024 at 5:05 pm  Raven b(Q)

Well done . IX GLOBAL makes it to 245 rank of the alert list of SEBI in India.

investor.sebi.gov.in/investor-alerts-mobilization.html#



#6

Oz

Jul 5th, 2024 at 5:18 pm  Oz(Q)

Is that a chronological list of SEBI fraud alerts starting with the oldest? I’ll let the iX Global one slip given it’s already collapsed but might start monitoring the list itself.



#7

Raven b

Jul 17th, 2024 at 9:17 pm  Raven b(Q)

MHNG010027412024
CRIM. BAIL APPLN NO.675/2024
( Suraj Madhukar Sawarkar Vs.
The State of Maharashtra)
ORDER BELOW EXH.1 :­

This is an application filed by the applicant Suraj Madhukar Sawarkar under section 438 of Criminal Procedure Code seeking anticipatory bail from Crime No.94/2024 registered with Police Station Nandanvan under Sections 420, 406 r/w. 34 of Indian Penal Code and Section 66(D) of Information Technology Act and Section 3 of Maharashtra Protection of Interest of Depositors (Financial Establishment) Act, 1999.

2. Perused the application, reply filed by the investigating officer through Learned Special Public Prosecutor vide Exh.16 and 20, notes of argument filed by the intervenor vide Exh.30. Documents produced on record by applicant, Learned Special P.P and Intervenor.

Heard Learned Counsel for the applicant and Learned Special P.P at length.

Prosecution case in brief is as under:­

3. Informant Vikram Laxman Bajaj came in contact of applicant Suraj Madhukar Sawarkar through his friend Harish on 20.06.2022. At that time, accused Suraj had provided detail
information regarding how huge profits can be earned by investing in Online Forex Trading.

Accused Suraj was engaged with IX Global Company and was busy in giving education with regard to Online

(Page No.1)

Order below Exh.1 Bail Appln No.675/2024

Forex Trading, Share Market and Crypto Market. He informed that the IX Global is an American company engaged in providing training in Online Forex Trading and provides upto 5 to 15% profits per month on the amount deposited through computer software which was also called as Artificial Intelligence or Robot trading.

For providing these services IX Global Company takes fees of Rs. 9,800/­ per month for an investment below 4 lacs and if the investment is above Rs. 4 lacs then fees was Rs. 11,500 per month.

The said fees was directly deposited in the account of IX Global through Online modes or through accused Suraj.

After payment of Rs 11,500/­ accused Suraj had added informant in Whatsapp group by name IX Global Spartans. It had around 460 participants on 24.06.2022.

Accused Suraj used to arrange zoom meetings for the persons in Whatsapp group at around 09.00 pm on behalf of IX Global Company alongwith Viraj Patil, Dr. Nilesh Raut and others.

They used to induce informant and others to invest their money in Forex Trading and Crypto trading and used to assure huge profits. They would further assure that if informant and others convince other persons to invest their money in the company then their membership fees would be exempted.

4. On the assurance of accused Suraj and assurance of other accused persons, informant invested money in the Forex trading company. Informant deposited amount in the account of P.R. Traders, Canara Bank, Kolkata Branch on 24.06.2022. Accused Suraj opened the online account of the informant on TP Global Platform and provided him login details.

Informant submits that for the month of July and August 2023 his account showed receipt of 8% profit per month. He even withdrew Rs.2,60,000/­ from the said account.

(Page No.2)

Order below Exh.1 Bail Appln No.675/2024 Accused Suraj invited informant to Gangtok, State – Sikkim for meeting on 22.09.2022. Where accused delivered lectures assuring huge profits, if amount is invested in IX Global company.

Looking at the profit being made by the informant, Sandip Jain the friend of the informant also invested around Rs.99 lacs in the IX Global on the account provided by the accused Suraj.

Similarly, other several gullible investors invested their money in the TP Global Forex Broker Website. After a while, when informant sought to withdraw the amount, his request was declined.

Upon inquiry with the accused Suraj regarding the decline of his request. Accused Suraj informed that it will take some time, as the company is facing some problems.

Thereafter, it came to the knowledge of the informant that Enforcement Directorate has initiated investigation in the dealing of the company.

Thus, informant came to know that accused persons have cheated and misappropriated the amount of informant and other gullible investors to the extent of Rs.1,21,40,000/­ by inducing informant and other customers to invest in the accounts of P.R. Traders, M.R. Traders, R.K. Traders, Green Valley Agro, T.M. Traders and Milan Enterprises.

Thus, on the basis of this complaint, crime No. 94/2021 was registered with Police Station Nandanvan on 24.02.2024.

5. Applicant Suraj Submits that a false case is filed against him and he has no role to play in the misappropriation of the amount.

Applicant submits that in the month of June’ 2020 while surfing on the Internet he came across IX Global company which was incorporated under Companies Act. From the website it was clear that IX Global offered information and education about financial market through various online programmes, softwares and

(Page No.3)

Order below Exh.1 Bail Appln No.675/2024

hardwares etc. to their subscribers on payment of prescribed fees. It was further represented that individually subscribers can refer and recommend other persons to become subscriber of IX Global.

Such type of marketing is also known as pyramid/chain/network marketing.

It was further represented that on the basis of prescribed rank achieved through such networking the particular member/subscriber would be benefited by the bonus/rewards from
IX Global. Accordingly, he and informant have become the members/subscribers of IX Global.

6. He further submits that informant did not become member of IX Global on direct recommendation or reference by the applicant. IX Global used to conduct online group meetings through their designated tutors via zoom meeting by providing links to its members/subscribers.

The applicant submits that he as well as informant were separately earning bonus on the basis of rank they achieved in the network marketing of IX Global.

On 07.09.2022 Reserved Bank of India issued alert list informing the name of TP Global F.X as an ETP unauthorizedly operating in the financial market.

7. On 21.10.2022 Enforcement Directorate initiated investigation against company at Kolkata. Several bank accounts of the company lying in different banks were frozen under the
provisions of PMLA Act, 2002. Thus, according to the applicant due to this action the amount of informant could not be withdrawn.

Applicant denies having played any role in inducing the informant and other investors to invest in ETP (Electronic Trading Platform), TP Global F.X.

Perusal of the record and proceedings, prima­facie reveal that applicant has played a prominent role in inducing the gullible investors to deposit their hard earned money in the accused company.

Though, T.P Global was prohibited from carrying out the investments activities, the accused by conducting whatsapp and zoom meeting and issuing messages to the investors from time to time induced them to part with their hard earned money.

The documents on record would reveal that the applicant has certain connections with the proprietors of the traders. Applicant has acted as an influencer to mislead and defraud the investors, to find out where the

(Page No.6)

Order below Exh.1 Bail Appln No.675/2024

money has gone, the custodial interrogation of the applicant is necessary. The civil proceedings will not show where the money has gone. It is the case of serious criminal offence.

The company did not have business as was projected to the informant. Therefore, right from inception the applicant and the other accused persons had only intention to misappropriate the investments.

Some interest was paid that too only for short period and thereafter there was a misappropriation of huge amount.

As rightly submitted by the Special P.P that, in this case thorough investigation is necessary, source of money transaction and to find out where the huge money has gone.

The amount involved is huge and without custodial interrogation the answers of these questions will not be found. Various facets of the crime would remain buried and the investigation may be rendered directionless if applicant is not custodially interrogated.

The right to liberty of persons accused of such crimes shall have to be balanced against the societal interest and particularly the interest of the victims. Accused persons can not be heard submitting that investment was voluntary.

No case is made out for grant of anticipatory bail. Custodial interrogation is absolutely necessary. It is necessary to find the money trail. Accordingly, I proceed to pass
following order.

ORDER

Application is rejected.

Nagpur. (N.H. Jadhav)
Date : 05.07.2024 Additional Sessions Judge,

Nagpur.

nagpurtoday.in/woman-doctor-arrested-in-₹2-59-crore-fraud-case-by-economic-offences-wing/07152022



#8

Oz

Jul 18th, 2024 at 6:59 pm  Oz(Q)

Thanks for the updates.

Reminder: Multiple comment aliases = spambin.



#9

Caran V

Jul 21st, 2024 at 10:20 pm  Caran V(Q)

has sebi in india has powers to order action under the banning of unregulated deposit schemes act ?



#10

Oz

Jul 21st, 2024 at 10:46 pm  Oz(Q)

Order what action? iX Global’s Ponzi scheme collapsed when the SEC filed suit.

They can’t get the US to extradite Martinez as he’s a US national.



#11

Raven B

Aug 11th, 2024 at 11:50 pm  Raven B(Q)

IN THE HIGH COURT OF JUDICATURE AT BOMBAY NAGPUR BENCH :

NAGPUR CRIMINAL APPLICATION (ABA) NO. 529 OF 2024

Surendra Madhukar Sawarkar Vs State of Maharashtra and another.

Office Notes, Office Memoranda of Court’s or Judge’s Order Coram, appearances, Court’s Orders or directions and Registrar’s order Mr. A.A. Dhawas, counsel for the applicant.

Ms. T.H. Udeshi, APP for respondent/State.
CORAM : URMILA JOSHI-PHALKE, J.
DATED : 19/07/ 202 4 .

1. By preferring this application, the applicant is seeking pre-arrest bail, in connection with Crime No. 94/2024 registered with Police Station Nandanvan, Nagpur for the offences punishable under Sections 406, 420, 120-B, 418 read with Section 34 of the Indian Penal Code, 1860; Section 66-D of the Information and Technology Act, 2000; and Section 3 of the Maharashtra Protection of Interest of Depositors (In Financial Establishments) Act, 1999.

2. The applicant is the brother of the co-accused Suresh Madhukar Sawarkar. Learned counsel for the applicant submitted that applicant is neither the office bearer of the said Online Forex Trading but he is the subscriber.

The crime is registered on the basis of report lodged by Vikram Laxman Bajaj, alleging that he got acquaintance with the co-accused Suresh Madhukar Sawarkar on 20/06/2022, at the relevant time, the coaccused had provided in detailed information regarding the investment, and how he can earn the profit by investing in Online Forex Trading.

It is alleged that the applicant was engaged with IX Global Company which was dealing with the education with regard to Online Forex Trading, Share Market and Crypto Market. He informed that IX Global is an American Company engaged in providing training in Online Forex Trading and provides 5 to 15% profits per month on the amount deposited through computer software, which was also called as Artificial Intelligence as Robot Trading.

For providing these services, IX Global Company takes fees of Rs. 9,800/- per month for an investment below Rs.4 Lacks and if the investment is above Rs. 4 Lacks then fees of
Rs. 11,500/- per month.

3. Thus, considering the assurance by the co-accused, the informant as well as friends have invested the amount.

Initially, he received the bonus but subsequently, he has not received either bonus and invested the amount, and therefore, he approached the police and lodged the report.

4. Learned counsel for the applicant submitted that as far as the present applicant is concerned, he is the brother of the co-accused and subscriber in the chain.

Thus, he is the person, who has invested his amount but he is also victim in the said scam. He submitted that considering the role of the present applicant, custodial interrogation is not required.

In view of that, applicant be protected by granting ad-interim protection.

5. Learned APP strongly opposed the said application and submitted that the mobile phone of the present applicant is used in the transaction, and for the investigation
purpose, his custodial interrogation is required as the mobile phone is to be seized and therefore, the prayer for grant of ad-interim protection deserves to be rejected.

6. After hearing learned counsel for the applicant and learned APP for the State, perused the investigation papers, from which it reveals that the offence is registered against
the co-accused namely Prasenjit Das, Tushar Patel and Shailesh Kumar Pandey at Kolkata.

These persons have created dummy firms on paper and had no business activities as declared in their Trade License.

The accounts of such dummy firms were mapped on TP Global FX platform, which appeared to the public at the time of deposit an investment in the name of Forex Trading.

7. It further reveals that as the part of the scheme, the investors were induced to invest the amount and therefore, investors are invested the amount.

The investor who invest the amount has to engage one subscriber, and subscriber has to engage the another subscriber and on investment, the first subscriber used to get the bonus of adding the subscribers.

Thus, the role of the present applicant is only to the extent on adding the subscribers to the said IX Global.

Thus, considering the fact that and the documents produced on record it reveals that, at the most as an inducement and not more than that, the role of the present applicant reveals, he is the subscriber.

8. From the order passed by the C.B.I. Court at Kolkata, it reveals that applicant is not concerned with the fake firms and the dummy firms and the scheme was not also initiated by the present applicant.

At the most, his role to the effect that, he has played an active role in inducing the person to invest the amount. As far as the custodial interrogation part i.e. the seizure of the mobile phone is concerned, can be taken care of by imposing certain conditions on the present applicant.

In view of that, I proceed to pass following order:

a) In the event of his arrest, in connection with Crime No. 94/2024 registered with Police Station Nandanvan, Nagpur for the offences punishable under Sections 406, 418, 420, 120-B read with Section 34 of the Indian Penal Code, 1860; Section 66-D of the Information and Technology Act, 2000; and Section 3 of the Maharashtra Protection of Interest of Depositors (In Financial Establishments) Act, 1999, the applicant – Surendra Madhukar Sawarkar, shall be released on ad-interim anticipatory bail, on executing P.R. Bond of Rs. 25,000/- with one solvent surety in the like amount.

b) The applicant shall attend the concerned police station on each Friday between 10.00 a.m. to 01.00 p.m. before the Economic Offence Wing, Nagpur and shall cooperate with the
investigating agency.

c) The applicant shall produce his mobile phone on Monday i.e. on 22/07/2024 before the investigating officer and this period shall be considered as his custody for the purpose of Section 27 of the Indian Evidence Act.

d) The applicant shall not induce, threat or promise any witnesses who are acquainted with the facts of the case.

e) Issue notice to the non-applicant, returnable after two weeks.

f) Learned Additional Public Prosecutor waives service of notice on behalf of non-applicant/State and seeks time to file reply.

g) Leave is granted to the present applicant to add the Economic Offence Wing as a necessary party.

[URMILA JOSHI-PHALKE, J.]



#12

Oz

Aug 12th, 2024 at 12:51 am  Oz(Q)

Good to see Indian authorities intending on making more arrests. Hopefully they get everyone of significance.

Be nice if the SEC hurried up (and brought the DOJ down on Martinez and Debt Box too).



#13

Afiyanazpirjade

Aug 31st, 2024 at 12:04 am  Afiyanazpirjade(Q)

i have lost 40 lakh rs I am in very critical condition..



#14

Raven B

Sep 2nd, 2024 at 4:18 pm  Raven B(Q)

FIR registered against Joseph Martinez, ix global llc and viraj patil in mumbai.

indianexpress.com/article/cities/mumbai/mumbai-investment-fraud-25-directors-agents-of-three-firms-booked-9543956/



#15

Oz

Sep 3rd, 2024 at 10:21 pm  Oz(Q)

Thanks for the heads up!



#16

banerjee r

Sep 13th, 2024 at 8:17 pm  banerjee r(Q)

ML Case No. 01 of 2023

CNR WBCS 01-0001322-2023

42

11.09.2024

1. Accused, Prasenjit Das, Shailesh Kumar Pandey & Viraj Suhas Patil are physically produced from judicial custody.

2. Ld. SPP, Mr. Arijit Chakrabarty representing for the ED is present.

3. Today is fixed for hearing of the interim bail application of accused, Viraj Suhas Patil.

4. Written objection is filed by the ED against the prayer for interim bail on the plea of visiting his critically ailing father.

5. The petition for interim bail dated 09.09.2024 of petitioner, Viraj Suhas Patil is taken up for hearing in presence of the Ld. Counsel, Mr. Sabyasachi Banerjee for
the petitioner and Mr. Arijit Chakrabarty and Legal Consultant, Ms. Bhavinee representing for the complainant, ED.

6. One medical paper dated 10.09.2024 of Relief Hospitals, Palghar, Mumbai, Maharashtra is filed on behalf of the petitioner, Viraj Suhas Patil.

7. It is submitted by Mr. Sabyasachy Banerjee appearing for the petitioner that the petitioner is pressing his application for interim bail only on the ground of father’s critical ailment despite having incarcerated for 259 days, that is to say, to visit his ailing father who may not even survive to fulfill his last wish to see his son.

He invites my attention to the medical papers filed on 09.09.2024 which shows abnormal ECG, severe chest pain, SpO2 – 90 (decreased), likely due to ischemic heart disease, cardiomyopathy, or angina.

Further, he invites my attention to the Hospital report field this day which shows that the D-dimer of the patient is grater than 3000 whereas the normal range is 500ng/ml.

So, he contends that the petitioner may be granted interim bail to visit his ailing father to look after his treatment at this critical hour. It is further submitted that the petitioner is the only son of his father.

In support of his submission, he relied on a decision of the Hon’ble Calcutta High Court passed in CRM (SB) 44 of 2022 dated 17.03.2022 where the bail was granted on humanitarian ground for few days that is till 28.03.2022.

8. On the other hand, the Ld. SPP, Mr. Arijit Chakrabarty appearing for the complainant, ED vehemently opposes the prayer for bail.

His first point of objection is that the present petitioner initially, did not comply with several summonses issued by the Enforcement Directorate, and he was detained at
Chhatrapati Shivaji Mahraj International Air port pursuant to LOC.

Secondly, it is submitted that once the petitioner admitted that he actively participated with prior knowledge in the activity of money laundering and expressed his desire to
get pardon from the Ld. Court being an approver in the case.

His proposal for being approver was not accepted by the Investigating agency. Thirdly, it is vehemently contended that bail in PMLA case can only be granted when the
twin conditions of Section 45 in addition to the other conditions are satisfied.

It is clear from the materials on record that the petitioner is prima facie guilty which gets further supported by the fact that he wanted to become an approver in the case.

So, according to Mr. Chakrabarty, this is not a fit case for any humane consideration to relax the rigor of Section 45.

Contd..P/2

(2)

9. Having heard submissions of both sides and having perused the medical papers as produced by the Ld. Counsel for the petitioner, this Court finds that since, the
interim bail has been sought only on humanitarian ground i.e., to visit his ailing father, and the medical documents sufficiently indicate that the father of the
petitioner is genuinely ill and his condition is critical, and it is not disputed that the petitioner is the only son of his father.

I have also drawn inspiration for such humane consideration in the matter of interim bail from the decision of the Hon’ble Court passed in Gautam Kundu Vs. Enforcement Directorate in CRM (SB) 44 of 2022 dated 17.03.2022.

10. Thus, without prejudice the rights and contentions of the parties on the merit of bail application, the present prayer for interim bail is allowed solely on
humanitarian ground with following:

O R D E R

that the petitioner, Viraj Suhas Patil be released on interim bail till 27.09.2024 on furnishing a personal bond of Rs. 50,00,000/- (fifty lakhs) and a bail bond of
Rs. 20,000/- (twenty thousand) with two sureties of Rs. 10,000/- (ten thousand) each to the satisfaction of the Ld. CJM, Calcutta subject to the following conditions:

i) he must surrender his passport to the office of this Court, if not already surrendered, seized or impounded by any authority;

ii) he shall provide his Smart phone number to the I.O. of this case at the time of his release and keep the same in operating mode at all time during such interim bail;

iii) he shall not visit any foreign country or in other words, he shall not leave India while on interim bail;

iv) he shall not offer any threat, inducement or promise to any of the witnesses of this case or tamper with the evidence;

v) he must surrender himself to this Court on 27.09.2024 i.e., on the expiry of the period of interim bail, so that he may be committed to judicial custody.

vi) any violation of any of the above conditions shall result in automatic termination /cancellation of the interim bail.

The bail application is thus, disposed of.

Let a copy of this order be forwarded to the Ld. CJM Calcutta for information and necessary action.

A copy of the order is also communicated to the Superintendent of PCH for information through Email.

D/C. by me.
Judge Judge
Spl. CBI Court-1 Spl. CBI Court-1
Calcutta. Calcutta.
Later
11.09.2024

Ld. Counsel for accused, Prosenjit Das submits that the prayer for discharge for the predicate offence has been heard by this Court to a considerable length and the next date of hearing is fixed on 21.09.2024. So, he prays that the next date of this case may be fixed on any day after 21.09.2024.

Contd..P/3

(3)

Ld. SPP raises objection.
Heard. Considered.
The charge hearing is adjourned.
Fix 13.11.2024 for charge hearing.
The accused persons be remanded to J/C till date.
D/C. by me.
Judge Judge
Spl. CBI Court-1 Spl. CBI Court-1
Calcutta. Calcutta.



#17

Oz

Sep 13th, 2024 at 10:37 pm  Oz(Q)

that the petitioner, Viraj Suhas Patil be released on interim bail till 27.09.2024

Can’t really blame the police here. The court did them dirty.

I expect the next update will be “Patil ditched and we don’t know where he is (Dubai)”. Be nice to be proven wrong though.



#18

Mavie Hund

Sep 17th, 2024 at 4:00 pm  Mavie Hund(Q)

Viraj Patil was arrested by nagpur police when he came out of Alipore jail . he is currently being paraded in nagpur jail.

could not find news in English papers but saw pics of Marathi and hide newspapers with Viraj Suhas patil wearing a t shirt “saving earth” with 4 police officers (one lady officer) towering above him.

maharashtra times – Tuesday 17th September



#19

Oz

Sep 17th, 2024 at 4:26 pm  Oz(Q)

That’s actually pretty funny. Indian courts are ensuring iX Global investors remain screwed but you have to admire the tenacity of police re-arresting Patil the moment he’s released.



#20

Mavie Hund

Sep 30th, 2024 at 5:49 pm  Mavie Hund(Q)

did you notice that business from home has removed the page and the names of the top earners of ix global ???? wonder what may be the reason.

facebook.com/share/p/18qZNw1RoE/

facebook.com/share/p/198WEPMpkB/



#21

Oz

Sep 30th, 2024 at 6:11 pm  Oz(Q)

Things get messy when you’re charging scammers for publicity.



#22

Banerjee R

Nov 14th, 2024 at 5:27 pm  Banerjee R(Q)

ML Case No. 01 of 2023
(CNR WBCS 01-0001322-2023)
45
13.11.2024

Accused, Prasenjit Das, Shailesh Kumar Pandey and Viraj Suhas Patil @ Viraj Pati are physically produced from judicial custody.

Ld. SPP, Mr. Arijit Chakrabarty representing for the ED is present.

Ld. counsel, Mr. Anshin Desai appearing for accused Prosenjit Das has prayed for an adjourned date on his personal ground through conducting Ld. Jr. Advocate.

A petition is filed to that effect, and moved. Notably, Mr. Desai is a member of Gujrat High Court Bar.

Ld. SPP, Mr. Chakrabarty vehemently opposes the prayer for time on the ground that for consideration of charge, personal presence of the Ld. Advocate is not a sine qua non.

He also submits that citing the ground of delay in trial, the accused are pressing for bail before the Hon’ble High Court.

However, having heard submissions of both sides, a short adjournment is granted.

Fix 30.11.2024 for consideration of charge. The accused persons be remanded to J/C till date. They be produced physically on the date fixed.

D/C by me
Judge, Judge,
Special (CBI) Court No. 1, Special (CBI) Court No. 1,
Calcutta. Calcutta.
J.O. Code No. WB 007344 J.O. Code No. WB 00744



#23

Banerjee R

Nov 22nd, 2024 at 5:07 pm  Banerjee R(Q)

M.L.Case no.01 of 2023
Order No. 46
Dated: 21.11.2024

The record is put up by petition filed on behalf of accused, Prosenjit Das along with a prayer for bail.

Copy not served. Let the copy be kept with the record. Register the petion as IA.

To date i.e (30.11.2024) for hearing of the bail petitionP dtd.

21.11.2024.

Objection, if any, of the ED to be filed in the meantime.

Dictated and corrected.
Judge in-charge Judge in-charge
Spl(CBI)Court no.1 Spl(CBI)Court no.1
Calcutta. Calcutta



#24

Banerjee R

Nov 23rd, 2024 at 5:06 pm  Banerjee R(Q)

A.B.A.2190 of 2024 1 Dt.16.11.2024

MHCC020161232024

BEFORE THE DESIGNATED COURT UNDER M. P. I. D. ACT

CITY CIVIL & SESSIONS COURT, Gr. BOMBAY.

ANTICIPATORY BAIL APPLICATION NO. 2190 OF 2024

IN EOW CRIME NO. 56 OF 2024

Ajit Damajee Dhoke Age:- 39 years ,
Occupation:- Self Employed
[address removed]
Mumbai, Maharashtra
…Applicant

Versus

The State of Maharashtra
Through Amboli Police Station, Mumbai
…Respondent

Coram : HHJ SHRI N.G.SHUKLA,
(Court No. 20)
Date : 16.11. 2024

Appearance:
Ld. Adv. Mr. Nikunj Raval for Applicant.
Ld. APP. Mrs. Chaitrali Panshikar for the Respondent/State-EOW.

ORDER

(Dictated and pronounced in open court)

01. By way of this application, applicant prayed for grant of prearrest bail under Section 482 of the Bharatiya Nagarik Suraksh Sanhita, 2023 (here in after referred as “BNSS” )in Crime No. 56 of 2024 registered with EOW (initially registered as Crime No. 970 of 2024 at Amboli police station) for the offence punishable under Sections 420, 406 ,409 r/w 34 A.B.A.2189 of 2024 2 Dt.16.11.2024 120(B) of the Indian Penal Code (hereinafter referred as “IPC ”) and Sections 3 & 4 of the Maharashtra Protection of Interest of Depositors (in Financial Establishments) Act, (hereinafter referred as “MPID”)

02. Investigating officer through Ld. APP filed reply at Exhibit 2 and strongly opposed application.

03. I have heard Learned Advocate Mr. Nikunj Raval for applicant and learned APP Chaitrali Panshikar for State/EOW.

04. Prosecution case in nut shell is that, wanted accused Viraj Patil and Joseph Martinez initially formed IX Global Company and other shell companies Financial Establishment (hereinafter referred as “F.E.”) and collected money from various investors on representation to give lucrative benefit and thereby lured and induced the investors.

Without returning money of investment and benefit thereon, they cheated total 213 investors and amount of fraud is of Rs.35.21 Crores.

In the investigation till now, total 392 investors approached to EOW and the amount of fraud is Rs. 55.44 Crores.

Specific allegation against the applicant is that, applicant was authorized agent of F.E. He represented to various investors to invest money in F.E. and received commission.

05. Ld. Advocate for applicant referred copy of FIR and submitted that, there are vague allegations against directors and agents of F.E. and other companies. No specific role of applicant is explained in the FIR.

Enforcement Directorate at Kolkata is investigating the matter on the basis of FIR registered by Kolkata police against M/s T.M.Trader and M/s K.K. Traders. Applicant is victim and alongwith other victims he had given complaint to Joint Commissioner of police, EOW.

Applicant is not director of any of the company. Thus, custodial interrogation of A.B.A.2189 of 2024 3 Dt.16.11.2024 applicant is not required.

Applicant is ready to further co-operate investigating officer. Hence Ld. Advocate prayed to grant anticipatory bail.

06. Ld. APP instructed by investigating officer submitted that, wanted accused Viraj Patil and Joseph Martinez firstly floated IX Global company and called upon various investors to invest money.

They floated another more companies and transferred amount of investors into said companies. Till now, total 392 investors approached to police and the amount of fraud Rs. 55.44 Crores revealed.

There are chances of increasing numbers of investors and money of fraud. Applicant was working as an agent and on his representation, various investors invested money in IX Global. His name is revealed in statement of various witnesses/investors.

Considering seriousness and gravity of offence and the role of applicant, his custodial interrogation is required to find out how much amount received into his bank account. Hence, Ld APP prayed to reject the application.

Ld. APP relied on the ruling in Bhimashankar Nilkanthrao Patil Vs. State of Maharashtra and Anr. AIR online 2024 Bom 901 wherein, Hon’ble Bombay High Court relied on
the ruling in P. Chidambaram Vs. Directorate of Enforcement (2019) 9 SCC 24 AIR 2019 SC 4198 wherein it is held that, power under Section 438 of Cr.P.C. being an extraordinary remedy, has to be exercised sparingly; more so, in cases of economic offences. Economic offences stands as different class as they affect the economic fabric of the society.

07. I have considered submissions and perused say, FIR and documents alongwith application. It is true that, FIR is very short and vague and not disclosing specific allegation against all accused, but name of applicant is mentioned in the FIR.

It is settled law that, FIR is A.B.A.2189 of 2024 4 Dt.16.11.2024 not encyclopedia of all the facts and it is registered only to set criminal law in motion.

Copy of press release dated 01.05.2024 issued by Enforcement Directorate, Kolkata, shows that crime is registered with EOW, Kolkata under the provisions of Prevention of Money Laundering Act in connection with the case of IX Global (M/s T.M.Traders and M/s K.K.Traders).

It appears from said documents that various companies were floated to attract investors promising substantial returns. However it does not discloses name of applicant as an accused in that crime. Thus, it has no significance to grant relief to applicant.

08. As per say of EOW, applicant was working as an agent of IX Global and other companies. It revealed in the investigation that, applicant represented to various investors to invest money in F.E. It also revealed from the statement of various witnesses referred by APP that the applicant lured and induced investors to invest money in IX Global
company.

Statements of bank account of applicant are not yet ascertained.

From the statements of witnesses, it appears that, applicant has played an important role to attract investors.

09. To trace out whether applicant had received money of investors and further money trail from his bank accounts if any custodial interrogation of applicant is necessary.

Considering the above referred role of the applicant, he is not entitled for protection from arrest. In the ruling in Bhima Shankar Patil (cited supra), it is observed that,
custodial interrogation deemed necessary due to seriousness of allegation and sufficient prima facie evidence of applicant’s collusion and involvement.

A.B.A.2189 of 2024 5 Dt.16.11.2024

10. In view of role of applicant as revealed in investigation, applicant is not entitled for anticipatory bail. Hence I passed following order:

ORDER

1. Anticipatory Bail Application 2190 of 2024 is rejected and accordingly disposed off.

( N.G. SHUKLA )
Designated Judge under
MPID Act, C.R.NO.20
Dt. 16.11.2024 City Civil & Sessions Court,
Gr. Bombay.
Dictated on : 16.11.2024
Transcribed on : 16.11.2024
Submitted on : 16.11.2024
Signed on : 18.11.2024
A.B.A.2189 of 2024 6 Dt.16.11.2024

CERTIFIED TO BE TRUE AND CORRECT COPY OF THE ORIGINAL SIGNED JUDGMENT/ORDER”.
16.11.2024 Mrs. R. R. Hate
Name of the Judge HHJ Shri N.G. SHUKLA
Date of Pronouncement of judgment/order 16.11.2024
Judgment and order signed by P.O.
18.11.2024
Judgment/order uploaded on 18.11.2024



#25

BANERJEE R

Nov 23rd, 2024 at 5:10 pm  BANERJEE R(Q)

A.B.A.2189 of 2024 1 Dt.16.11.2024
MHCC020161242024
BEFORE THE DESIGNATED COURT UNDER M. P. I. D. ACT
CITY CIVIL & SESSIONS COURT, Gr. BOMBAY.

ANTICIPATORY BAIL APPLICATION NO. 2189 OF 2024 IN EOW CRIME NO. 56 OF 2024

Naina Bhati
Age-32 years ,
Occupation:- Self Employeed,
Residing at- [address removed]
Mumbai Suburban,
Maharashtra
…Applicant

Versus

The State of Maharashtra
Through Amboli Police Station
…Respondent

Coram : HHJ SHRI N.G.SHUKLA,
(Court No. 20)
Date : 16.11. 2024

Appearance:
Ld. Adv. Mr. Nikunj Raval for Applicant.
Ld. APP. Mrs. Chaitrali Panshikar for the Respondent/State-EOW.

ORDER

(Dictated and pronounced in open court)

01. By way of this application, applicant prayed for grant of prearrest bail under Section 482 of the Bharatiya Nagarik Suraksh Sanhita, 2023 (here in after referred as “BNSS” ) in Crime No. 56 of 2024 registered with EOW ( initially registered as Crime No. 970 of 2024 at Amboli police station) for the offence punishable under Sections 420, 406 ,409 r/w 34 120(B) of the Indian Penal Code (hereinafter referred as “IPC ”) and A.B.A.2189 of 2024 2 Dt.16.11.2024 Sections 3 & 4 of the Maharashtra Protection of Interest of Depositors (in Financial Establishments) Act, (hereinafter referred as “MPID”)

02. Investigating officer through Ld. APP filed reply at Exhibit 2 and strongly opposed application.

03. I have heard Learned Advocate Mr. Nikunj Raval for applicant and learned APP Chaitrali Panshikar for State/EOW.

04. Prosecution case in nut shell is that, wanted accused Viraj Patil and Joseph Martinez initially formed IX Global Company and other shell companies Financial Establishment (hereinafter referred as “F.E.”) and collected money from various investors on representation to give lucrative benefit and thereby lured and induced the investors.

Without returning money of investment and benefit thereon, they cheated total 213 investors and amount of fraud is of Rs.35.21 Crores.

In the investigation till now, total 392 investors approached to EOW and the amount of fraud is Rs. 55.44 Crores.

Specific allegation against the applicant is that applicant was authorized agent of F.E. and allowed to deposit invested money in her two bank accounts in HSBC and IDFC Bank.

Total amount of Rs. 98 Lakhs had came to her two accounts.

05. Ld. Advocate for applicant referred copy of FIR and submitted that, there are vague allegations against directors and agents of F.E. and other companies. No specific role of applicant is explained in the FIR.

Enforcement Directorate at Kolkata is investigating the matter on the basis of FIR registered by Kolkata police against M/s T.M.Trader and M/s K.K. Traders. Applicant is victim and alongwith other victims she had given complaint to Joint Commissioner of police EOW on A.B.A.2189 of 2024 3 Dt.16.11.2024 29.07.2024.

Applicant is not director of any of the company. Applicant was approached to the investigating officer on 12.09.2024 and cooperated with investigating officer.

Thus, custodial interrogation of applicant is not required. Applicant is ready to further co-operate investigating officer. Hence Ld. Advocate prayed to grant anticipatory
bail.

06. Ld. APP instructed by investigating officer submitted that, wanted accused Viraj Patil and Joseph Martinez firstly floated IX Global company and called upon various investors to invest money.

They floated another more companies and transferred amount of investors into said companies. Till now, total 392 investors approached to police and the amount of fraud Rs. 55.44 Crores revealed.

There are chances of increasing numbers of investors and money of fraud. Applicant was working as an agent and on her representation, various investors invested money in IX Global.

Her name is revealed in statement of various witnesses/investors. An amount of Rs. 98 Lakhs has been received in her two bank accounts.

Considering seriousness and gravity of offence and the role of applicant, her custodial interrogation is required. Hence, Ld APP prayed to reject the application. Ld. APP relied on the ruling in Bhimashankar Nilkanthrao Patil Vs. State of Maharashtra and Anr. AIR online 2024 Bom 901 wherein, Hon’ble Bombay High Court relied on the ruling in P. Chidambaram Vs. Directorate of Enforcement (2019) 9 SCC 24 AIR 2019 SC 4198 wherein it is held that, power under Section 438 of Cr.P.C. being an extraordinary remedy, has to be exercised sparingly; more so, in cases of economic offences.

Economic offences stands as different class as they affect the economic fabric of the society. A.B.A.2189 of 2024 4 Dt.16.11.2024

07. I have considered submissions and perused say, FIR and documents alongwith application. It is true that, FIR is very short and vague and not disclosing specific allegation against all accused, but name of applicant is mentioned in the FIR.

It is settled law that, FIR is not encyclopedia of all the facts and it is registered only to set criminal law in motion.

Copy of press release dated 01.05.2024 issued byEnfor cement Directorate, Kolkata, shows that crime is registered with EOW, Kolkata under the provisions of Prevention of Money Laundering Act in connection with the case of IX Global (M/s T.M.Traders and M/s K.K.Traders).

It appears from said documents that various companies were floated to attract investors promising substantial returns.

However it does not discloses name of applicant as an accused in that crime.

Thus, it has no significance to grant relief to applicant.

08. As per say of EOW, applicant was working as an agent of IX Global and other companies. It revealed in the investigation that, applicant allowed to use her two bank accounts in HSBC bank and IDFC bank and substantial amount of Rs. 98 Lakhs has been received on her said two bank accounts.

It also revealed from the statement of various witnesses referred by APP that the applicant lured and induced investors to invest money in IX Global company.

From this material it appears that, applicant has played an important role to attract investors and to deposit money in her two bank account.

09. To trace out the further money trail from her bank account into other bank accounts, custodial interrogation of applicant is necessary.

Though applicant was called upon and she attended the office of investigation agency on 12.09.2024, but considering the above referred A.B.A.2189 of 2024 5 Dt.16.11.2024
role of the applicant, she is not entitled for protection from arrest.

In the ruling in Bhima Shankar Patil (cited supra), it is observed that, custodial interrogation deemed necessary due to seriousness of allegation and sufficient prima facie evidence of applicant’s collusion and involvement.

10. In view of role of applicant and the amount deposited in her two bank accounts as revealed in investigation, applicant is not entitled for anticipatory bail. Hence I passed following order :

ORDER

1. Anticipatory Bail Application 2189 of 2024 is rejected and accordingly disposed off.

( N.G. SHUKLA )
Designated Judge under
MPID Act, C.R.NO.20
Dt. 16.11.2024 City Civil & Sessions Court,
Gr. Bombay.
Dictated on : 16.11.2024
Transcribed on : 16.11.2024
Submitted on : 16.11.2024
Signed on : 18.11.2024
A.B.A.2189 of 2024 6 Dt.16.11.2024

CERTIFIED TO BE TRUE AND CORRECT COPY OF THE ORIGINAL SIGNED JUDGMENT/ORDER”.
16.11.2024 Mrs. R. R. Hate
Name of the Judge HHJ Shri N.G. SHUKLA
Date of Pronouncement of judgment/order
16.11.2024

Judgment and order signed by P.O.
18.11.2024
Judgment/order uploaded on 18.11.2024



#26

banerjee r

Nov 23rd, 2024 at 5:16 pm  banerjee r(Q)

ALERT LIST – 245 # – IX ACADEMY PRIVATE LIMITED (ix global) – wheels of justice moving in india

investor.sebi.gov.in/investor-alerts-mobilization.html



#27

Borna

Nov 24th, 2024 at 3:00 am  Borna(Q)

@banerjee r

up to now near 400 investors approached authorities and 3 different bail requests were rejected . what’s your explanation about wheels of justice moving in India?



#28

Oz

Nov 24th, 2024 at 12:57 pm  Oz(Q)

Good to see the Indian court standing firm on refusing bail. Does this mean the bail issue is resolved now though? Feels like it’s been dragging on for ages.

Waiting for “the good stuff” to begin, so to speak.



#29

Banerjee R

Dec 11th, 2024 at 9:53 pm  Banerjee R(Q)

ML Case No. 01 of 2023
(CNR WBCS 01-0001322-2023)
49
10.12.2024

Accused, Prasenjit Das and Shailesh Kumar Pandey are physically produced from judicial custody. Accused, V Viraj Suhas Patil @ Viraj Pati is not produced.

A report is submitted by the Superintendent of Presidency Correctional Home vide submission No. 14707 / AB dated 09.12.2024 informing that accused had been handed over to the Sh. Rahul Deshmukh, Inspector of Police, Economic Offences Wing, Mumbai, Maharashtra.

Ld. SPP, Mr. Arijit Chakrabarty representing for the ED is present.

Ld. Sr. Advocate, Mr. Anshin Desai of Gujrat High Court and Mr. Jakir Hossain of the local Bar have appeared through virtual mode for accused Prosenjit Das and accused, Sailesh kumar Pandey respectively.

The hearing of the part heard bail application of accused, Prosenjit Das is taken up in presence of both sides.

Heard Ld. SPP, Mr. Chakrabarty in full.

Mr. Desai will reply, and a prayer is made to that effect for fixing the date on 19.12.2024.

Considered.

Fix 19.12.2024 for further hearing (reply against the prosecution’s submission). The accused persons be remanded to J/C till date. They be produced physically on the date fixed.

D/C by me
Judge, Judge,
Special (CBI) Court No. 1, Special (CBI) Court No. 1,
Calcutta. Calcutta.
J.O. Code No. WB 007344 J.O. Code No. WB 00744