India's Major iX Global & TP Global FX Scam

The Enforcement Directorate and Indian police revealed the country's biggest scam. IX Global and TP Global FX were involved in this. Innocent people were victims of illegal investment scams. The Mumbai Police and the Enforcement Directorate's Kolkata branch have issued summons to several illegal platforms, including IX Global LLC, IX Global Academy Pvt Ltd, Pochale Global Academy Pvt Ltd, and TP Global FX.

iX Global, a multilayer organisation acting as a direct-selling organisation, organised a massive network of 12 companies, ten websites, and nine mobile applications that were used to carry out fraudulent activities.

This company, promoted by Viraj Patil in India, used influence to get investors to invest in the TP Global FX platform, promising big rewards. As a result, investors poured money into this fraudulent scheme.

iX Global invited investors to invest in TP Global FX, which would charge a quarterly (28-day) subscription fee ranging from US$50 to US$180 for its algorithmic trading bots. The money is collected from investors and deposited in various bank accounts, including mule accounts for shell businesses; it is then converted to cryptocurrencies and transferred or deposited by converting the Indian rupee to US dollars and sending it to bank accounts in London.

The victims told the names of banks used by iX Global and TP Global FX. They said, Canara Bank, ICICI Bank, Yes Bank, IDFC First Bank and Union Bank of India were used domestically, while accounts in international banks like Zenith Bank (Africa), Guaranty Trust Bank Ltd (Africa) and Blackthorn Finance Ltd (UK) were also used to transfer money.

During its investigation, the ED discovered 180 accounts used during this investment fraud, while the victims reported 61 accounts in Indian and overseas banks, 14 crypto wallets, and four money mule accounts where they were directed by the promoters to deposit or invest. The mastermind of iX Global's investment scam Viraj Patil, is behind bars now.

Police in Mumbai and Kolkata have issued arrest warrants for IX Global's founder and CEO, Joseph Martinez.

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