On October 21, Indian police arrested Sailesh Pandey, who was thought to be a key insider in the IX Global Ponzi scheme.
Pandey is accused of laundering more than $9 million in stolen money with the help of his brothers Arvind and Rohit.
Canara Bank found out about Pandey’s plan to launder money when they sent in a report in August that seemed fishy.
According to News18,
In August, two accounts were set up. The account(s) were set up in the name of TP Global Effects.
When (TP Global Effects) opened its account(s), it said that it was a food grain business.
The account has been used for a huge number of financial transactions in the first week of September this year.
When transactions were over $9 million USD and one of the companies involved was already on the Reserve Bank of India’s blacklist, Canara Bank “became suspicious.”
Since then, the Reserve Bank of India has said that IX Global and the shell companies it uses to launder money “are on an alert list.”
In the middle of October, a warrant was issued for Sailesh Pandey and his brothers.
By October 20, the ongoing investigation being conducted by the Kolkata police showed that Pandey had laundered $25 million for IX Global.
Prabhat Khabar reported on October 21.
The main suspect, Shailesh Kumar Pandey, 49, and his two brothers, Arvind Kumar Pandey, 35, were caught by the Anti-Bank Fraud team of the Kolkata Police. The two, along with Rohit Pandey, who is 29 years old, were caught on Thursday night in Rourkela, Odisha.
The brothers knew there was a warrant out for their arrest, so they ran away.
After the Pandey brothers were questioned, a fourth person was picked up in Gujarat. Prasenjit Das is accused of letting the Pandey brothers use bank accounts he set up for them to launder money from IX Global.
In 2021, IX Global got started. The Ponzi scheme is hidden behind an educational platform that costs money every month to use.
Co-founders Joel Martinez (CEO), Anita Davis (COO), and Helen Boyle are in charge of IX Global (CCO).
Martines is thought to be an American citizen. Davis and Boyle are both from England.
IX Global asks for money by saying that investors will get 5% to 20% back every month.
BusinessForHome’s PR puff piece says that IX Global scammed people out of $22 million in 2021.
It is said that IX Global made $11 million in February 2022 alone.
On October 3, BusinessForHome was happy that IX Global had scammed people out of $100 million.
The owner of BusinessForHome, Ted Nuyten (right), has not said if there is a financial connection between IX Global and the publication.
At the time of publication, SimilarWeb says that 80% of the traffic to IX Global’s website comes from India, which is down 30% from the previous month, and 10% comes from the US, which is up 600% from the previous month.
IX Global is not registered in either India or the US to sell securities. It is not clear if US authorities are also looking into IX Global.
It is also not clear how IX Global will be affected by the loss of its main money-laundering operation in India. The company hasn’t said anything about the arrests yet.