Indian authorities have issued arrest warrants for a number of iX International promoters.
Among the many wished fugitives is Viraj Patil, whose fraud has been celebrated on Ted Nuyten’s BusinessForHome;
Initially from India, Patil has since fled the nation for Dubai.
After talking with seventeen iX International victims in India, Cash Management broke information of the arrest warrants on October third.
There are two corporations at play right here. The primary one is TP International FX, a dealer regulated in Vanuatu (a small island within the South Pacific), in keeping with its web site. One other participant is the Mumbai-based IX Academy Non-public Restricted, and the US-based firm IX International LLC.
IX Academy, which referred to as itself an investor training platform, prompt utilization of TP International FX for automated buying and selling.
It was a Ponzi scheme with a twist. A multi-level advertising and marketing scheme that additionally paid current buyers to attract in additional folks.
One of many accused named within the Kolkata Police chargesheet is Viraj Patil, ex-director of IX Academy Non-public Restricted and a distributor for IX International LLC.
Patil didn’t reply to our outreach.
iX International’s automated passive returns scheme ended after the SEC sued it for $49 million in fraud again in August (now $110 million).
iX Academy has since been rebranded as an training solely platform.
In whole seventy iX International victims have filed complaints with India’s Economic system Offensenses Wing.
The Enforcement Directorate (ED) has connected financial institution accounts with Rs 121 crore in deposits and one other Rs 118 crore price of different property like shares, mutual funds, bonds, luxurious automobiles, flats, business areas, and resorts, which belong to the accused.
As of September 2023, a number of businesses together with the Kolkata Police are investigating the case.
Whereas Patil ignored Cash Management’s makes an attempt to achieve him, iX International CEO Martinez did reply and threatened the publication.
Martinez denied any hyperlink with TP International FX in an electronic mail response. “Any information, video, assertion, article, presentation revealed or offered by you on any platform is at your individual value, danger and peril.
Cash Management factors out they’ve footage of Patil (proper), as an iX International distributor, selling TP International FX at an expo in 2021.
The connection between the 2 corporations can be evident within the presentation shared with the buyers.
The slides, which carry the IX International brand, clearly inform customers the best way to login to TP International FX’s utility.
Patil and Martinez (proper) are wished by Kolkata Police on fraud fees. Patil is known as in a September 1st courtroom order, as a part of a case introduced ahead by the Central Bureau of Investigation.
Final October, Indian authorities arrested Sailesh Pandey on cash laundering fees. Pandey was accused of laundering $9 million for iX International out of India.
Whether or not there are pending iX International legal fees within the US is unclear.
