An iX Global promoter has been arrested in Wardha, a city in the Indian state of Maharashtra.

Following an EOW Nagpur investigation, Preeti Nilesh Raut stands accused of stealing Rs. 25.9 million through iX Global (~$309,000 USD).

As reported by Nagpur Today on July 15th;

The [EOW] investigation … uncovered a scheme where Suraj Savarkar, associated with iX Global (iX Academy Private Limited), allegedly lured investors into online forex trading with promises of high returns ranging from 5% to 15%.

Funds were deposited into accounts linked to various traders, including those associated with Canara Bank in Kolkata.

However, investors reported not receiving the promised returns, prompting the investigation and subsequent arrests.

In addition to Raut’s arrest the Mumbai EOW has named several additional suspects;

  • Suraj Madhukarrao Savarkar from Wardha
  • Viraj Suhas Patil from Mumbai
  • Surendra Madhukarrao Savarkar from Wardha
  • Nilesh Nareshrao Raut from Wardha
  • Priyanka Khanna from Jalandhar, Punjab

Separately, the Enforcement Directorate is also investigating iX Global and sister company TP Global FX.

The ED’s ongoing investigation has led to the arrest of Viraj Patil. In addition to being a top iX Global promoter, Patil was also behind TP Global FX.

An arrest warrant for iX Global founder Joseph Martinez (right) remains active.

Amid ongoing civil regulatory investigations in the US, IX Global collapsed last month. Whether iX Global criminal charges will be filed in the US is unclear.