The Kolkata Directorate of Enforcement (ED), has made a number of seizures following raids on May 16th.

As reported by the ED on May 20th, raids were connected to an ongoing criminal case targeting TM Traders & M/s KK Traders. These entities are cited as alter-egos of iX Global and TP Global FX.

(The ED) conducted search operations on 16.05.2025 at various locations in Mumbai, Bangalore, Jalandhar, Indore and Kolkata.

During the search operations, foreign currencies in the form of USD, Singapore Dollar, Dirham etc. to the tune of around Rs. 6,42,973/-, Gold bullion worth Rs. 55,74,667/-, bank balances to the tune of Rs. 94 Lakh (approx.), property documents, several digital devices and various incriminating documents were recovered and seized/ frozen.

In addition to ringleaders Joe Martinez (iX Global) and Viraj Patil (TP Global FX), the ED names Prasenjit Das and Tushar Patel as accomplices.

ED investigation revealed that a sophisticated deception was orchestrated by individuals such as Prasenjit Das and Tushar Patel by utilizing numerous dummy companies to entice investors into a fraudulent scheme promising high returns on forex trading investments through TP Global FX.

Additionally, the Directors and promoters of IX Global, namely Viraj Suhas Patil and Joseph Martinez, actively promoted TP
Global FX as their preferred brokers.

There are multiple iX Global and TP Global FX active criminal investigations in India.

Viraj Patil was arrested in December 2023 and remains in custody. Joe Martinez, a US citizen, is a wanted fugitive.

After collapsing iX Global amid an ongoing SEC investigation in June 2024, Martinez continues to defraud consumers through iN8 Network.

The Indian investigations into iX Global and TP Global FX continue.