Nagpur Police Arrest 'IX Global' Representative and TP Global FX Promoter in Rs 25.9 Million Forex Trading Scam

Economic Offences Wing (EOW) of Nagpur Police has detained Viraj Suhas Patil, the prime accused in an online forex trading scam for allegedly duping multiple individuals of over Rs 25.9 million.

Accused Patil, a resident of Mumbai, was previously arrested by the Indian Enforcement Directorate (ED) in a money laundering case related to illegal forex trading activities. Patil had reportedly been residing in Dubai since 2021 and was involved in promoting TP Global FX, which was not registered with the Reserve Bank of India (RBI) to engage in forex trading. He allegedly used dummy companies to defraud investors and illegally utilized the funds for his personal gains. The ED had frozen assets worth Rs 1,212.3 million in connection with the scam.

According to Nagpur police, Patil, representing 'IX Global' (IX Academy Private Limited), persuaded Nagpur resident Vikram Bajaj and his friends to invest in forex trading with the promise of lucrative returns ranging from 5% to 15%. Bajaj and others transferred Rs 25.9 million to various accounts, including P R Traders, M R Traders, R K Traders, Green Valley Agro, and T M Traders, at Canara Bank's Kolkata Branch for investment in TP Global FX.

When the investors realized they were being duped, Bajaj filed a complaint against Patil and others in February this year. 

In 2022, the Reserve Bank of India (RBI) issued a warning to the public against unauthorized trading platforms including TP Global FX. Investigations revealed that 'IX Global' had used the brokerage services of TP Global FX for illegal trading activities and Kolkata Police had also booked Patil in a similar case. He was lodged in Kolkata Jail. EOW transferred Patil to Nagpur, who was produced in the court and police secured a three-day remand for his further interrogation.