Sailesh Pandey, alleged to be a key IX International Ponzi insider, was arrested by Indian authorities on October twenty first.
Pandey, with help from brothers Arvind and Rohit, stands accused of laundered over $9 million in stolen funds.
Pandey’s cash laundering scheme got here undone following a suspicious report, filed by Canara Financial institution again in August.
Two accounts have been opened in August. The account(s have been) opened within the title of TP International Results.
On the time of opening the account(s), (TP International Results) was stipulated to be a meals grain enterprise.
Within the first week of September this yr, it may be seen that an enormous quantity of monetary transactions have taken place by means of the account.
Canara Financial institution “turned suspicious” when transactions topped $9 million USD, with one of many firms concerned already added to the Reserve Financial institution of India’s blacklist.
The Reserve Financial institution of India has since confirmed IX International and its related cash laundering shell firms “are on an ‘alert checklist’”.
A warrant for Sailesh Pandey and his brothers went out mid October.
By October twentieth Kolkata police’s ongoing investigation revealed Pandey had laundered $25 million for IX International.
On October twenty first Prabhat Khabar reported;
Kolkata Police’s Anti-Financial institution Fraud crew arrested the principle accused Shailesh Kumar Pandey (49) alongside along with his two brothers Arvind Kumar Pandey (35) … and Rohit Pandey (29) have been arrested from Rourkela in Odisha on Thursday night time.
The brothers have been conscious of the warrant out on them and had gone on the run.
Following interrogation of the Pandey brothers, a fourth arrest was made in Gujarat. Prasenjit Das stands accused of opening financial institution accounts for the Pandey brothers to launder IX International funds by means of.
IX International launched in 2021. The Ponzi scheme hides behind an training platform, entry to which is charged on a month-to-month foundation.
Heading up IX International are co-founders Joel Martinez (CEO), Anita Davis (COO) and Helen Boyle (CCO).
Martines is believed to be a US Nationwide. Davis and Boyle are from the UK.
IX International solicits funding on the promise of a 5% to twenty% month-to-month return.
A PR puff piece from BusinessForHome suggests IX International defrauded shoppers out of $22 million in 2021.
IX International is alleged to have taken in $11 million alone in February 2022.
On October third, BusinessForHome celebrated IX International defrauding shoppers out of $100 million.
Ted Nuyten (proper), BusinessForHome’s proprietor, has not disclosed whether or not a monetary relationship exists between IX International and the publication.
At time of publication SimilarWeb ranks prime sources of site visitors to IX International’s web site as India (80%, down 30% month on month), and the US (10%, up 600% month on month).
IX International shouldn’t be registered to supply securities in both India or the US. Whether or not US authorities are additionally investigating IX International is unclear.
Additionally unclear is what impact dropping its main cash laundering outfit in India could have on IX International. The corporate has not issued an announcement on the arrests.
