Here’s the latest update on the iX Global/TP Global FX scam

 


 Recent Developments (August 28, 2025)



The Enforcement Directorate (ED) in India has recently made a significant move in the ongoing investigation:


Assets worth ₹18.78 crore have been provisionally attached, including residential and commercial properties, fixed deposits, mutual funds, and more.


With this latest attachment, the total value of seized, frozen, and attached assets now stands at ₹291 crore. These include cash, gold, real estate, hospitality assets, office spaces, agricultural land, vehicles, cryptocurrencies, and bank balances. 




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Background: Scam Structure and Investigation Timeline


Operations and Fraud Mechanism: iX Global (also known as ONE X) ran a multi-layered operation involving 12 companies, 10 websites, and 9 mobile apps. It promoted 28-day forex automation subscriptions (US$115–185), investments in TP Global FX trading bots, NFTs (“CryptoLand” and “Debt Box”), and other unauthorised financial schemes. Funds were routed through mule accounts, shell companies, cryptocurrency wallets, and international bank accounts in London. 


Widespread Investor Impact: Victims from across India reportedly invested amounts ranging from ₹2 lakh to over ₹1 crore. FIRs were registered by Mumbai and Nagpur police, alleging a fraud exceeding ₹35 crore across 204–214 investors. 


Regulatory Warnings and Assets Seizure:


In December 2022, SEBI flagged TP Global FX for unauthorised forex trading and Debt Box for crypto-related violations, forwarding the matter to RBI and state authorities. 


ED investigations uncovered 180 bank accounts, multiple crypto wallets, and mule accounts connected to the scam. 


Earlier seizures and attachments by ED, including cash, gold, vehicles, and properties, happened prior to the latest ₹18.78 crore move. Combined, the total reached ₹291 crore. 



Legal Actions and FIRs:


FIRs filed led to arrests of individuals like Viraj Suhas Patil, Shailesh Kumar Pandey,  Prasenjit Das and E.O.W filed FIR against Prem Kumar Sharma Bastakoti.


Arrest warrants have been issued for IX Global’s founder, Joseph Martinez, in connection with criminal cases in India. 





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Summary Table: Timeline & Scope


Date / Period Event / Development


Dec 2022 SEBI flags TP Global FX & Debt Box → spots unauthorized forex & crypto activity.

2022–2023 ED, Mumbai police investigations begin; assets start being located.

2024 Multiple FIRs and arrests; widespread media and public attention grows.

Early–Mid 2025 ED conducts search operations; assets seizure proceeds.

Aug 28, 2025 ED provisionally attaches additional ₹18.78 crore in assets; total reaches ₹291 crore.




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Verdict


Yes, iX Global/TP Global FX continues to be at the center of a major financial crime investigation. The recent ₹18.78 crore attachment on August 28, 2025, significantly increases the total to ₹291 crore, illustrating the scale of the fraud. Ongoing legal and regulatory actions, including FIRs and arrest warrants, underpin this as one of India’s most substantial investment scams. 




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