Scams Radar

The Enforcement Directorate (ED), Kolkata Zonal Office, conducted extensive raids on May 16, 2025, targeting entities linked to an alleged forex trading scam involving iX Global and TP Global FX. The operations, carried out under the Prevention of Money Laundering Act (PMLA), 2002, resulted in the seizure of assets worth approximately $182,540, including foreign currencies, gold bullion, and bank balances.

Details of the Raids and Seizures

The ED executed coordinated search operations across Mumbai, Bengaluru, Jalandhar, Indore, and Kolkata, focusing on M/s TM Traders and M/s KK Traders, identified as alter-egos of iX Global and TP Global FX. According to a statement released by the ED on May 20, 2025, the seizures included:

  • Foreign currencies (USD, Singapore Dollar, Dirham, etc.) worth approximately ₹6,42,973 (~$7,740).
  • Gold bullion valued at ₹55,74,667 (~$67,100).
  • Bank balances totaling approximately ₹94 lakh (~$107,700).
  • Property documents, digital devices, and incriminating documents.

These actions are part of an ongoing investigation initiated based on First Information Reports (FIRs) filed by Kolkata, Maharashtra, and Gujarat police against TM Traders, KK Traders, TP Global FX, and associated entities for violations under the Indian Penal Code (IPC).

Allegations of Fraud

The ED’s investigation uncovered a “sophisticated deception” orchestrated by individuals including Prasenjit Das and Tushar Patel, who allegedly used numerous dummy companies to lure investors with promises of high returns on forex trading through TP Global FX. The platform, as confirmed by the Reserve Bank of India (RBI), is neither registered nor authorized for forex trading, and was included in an RBI alert list issued on September 7, 2022, to caution the public against unauthorized trading platforms.

Further, the directors and promoters of iX Global, namely Viraj Suhas Patil and Joseph Martinez, actively endorsed TP Global FX as their preferred brokerage. Members and users of iX Global reportedly utilized TP Global FX’s services for forex trading, funneling investor funds through complex methods, including dummy accounts and Full-Fledged Money Changers (FFMCs), to acquire personal assets such as real estate, hospitality establishments, and vehicles.

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Key Figures and Legal Actions

The ED has identified Prasenjit Das, Tushar Patel, Viraj Suhas Patil, and Joseph Martinez as key figures in the scam. Previous actions in the case include

  • Arrests of Shailesh Kumar Pandey, Prasenjit Das, and Viraj Suhas Patil, who are currently in judicial custody at Alipore Jail, Kolkata.
  • Seizure or attachment of assets worth approximately ₹270 crore (~$32.5 million), including cash, real estate, cryptocurrencies, and bank balances.
  • Filing of two prosecution complaints before the Special PMLA Court in Kolkata, which has taken cognizance of the money laundering offenses.

Viraj Patil was arrested in December 2023 and remains in custody. Joseph Martinez, a U.S. citizen and a key promoter of iX Global, is currently a wanted fugitive. Following the collapse of iX Global in June 2024 amid a U.S. Securities and Exchange Commission (SEC) investigation, Martinez has reportedly continued fraudulent activities through iN8 Network.

Ongoing Investigations

Multiple criminal investigations into iX Global and TP Global FX are active across India, with authorities continuing to probe the extent of the fraud. The ED’s actions underscore India’s intensified efforts to combat unauthorized forex trading and money laundering schemes. Investors are urged to exercise caution and verify the legitimacy of trading platforms with regulatory bodies like the RBI.

For updates on this case, refer to official statements from the Enforcement Directorate or visit enforcementdirectorate.gov.in.