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Did Financially misleading Kuvera Global set up a shell company in India?

Kuvera Global and IX GLOBAL’

Kuvera Global, a multi-level marketing company which is also into providing cryptocurrency mining contracts was functioning in various European countries. Some of its members went on to establish another Multi Level Marketing company in India called, ‘IX GLOBAL’. In a recent article published on resonant news, IX Global is accused of committing large scale tax frauds, misleading the customers and defrauding them all the while raising questions on the national security implications of such a model. The co-founders from India have escaped to UAE and taken a residential visa. The facts emerging in this article raise a possibility of a strong legal repercussion from the Indian Authorities and the fugitives are believed to be escaping India for preventing the same. Kuvera Global, during around the timeline of the publication of this article, rebranded itself into IGenius. If we browse to kuveraglobal.com, we are redirected to IGenius. This is probably done to dissociate the business from the rising allegations of financial impropriety in different countries.

The multi-level company is based in Utah and fined by the CFTC

Kuvera Global is a Utah based multi-level marketing company which used to function mostly in Europe and India. There have been a lot of complaints about this company in the past (See here, here, here, here, here). It was working under the SEC registered company called Investview. US Commodity Futures Trading Commission (CFTC) back in 2018 documented that the company was illegally offering forex and binary trading advice to retail investors in the United States. In legal terms, it was illegally acting as a Commodity Trading Advisor. The company was thus, fined for $150,000.

France, Portugal, Spain and Belgium have delegitimised and warned against investing through this company

Apart from that, the securities regulatory authorities of France, Portugal, Spain and Belgium have delegitimised and warned against investing through this company. While all of that was happening, Joseph Martinez and Viraj Patil were excessively promoting the company and working it in India. When we go to their Facebook posts from that time, we can find multiple mentions of ‘#IXMovement’. This raises a question whether IX Global is a shell company for the legally troubled overseas company, Kuvera Global?

The doubts on IX Global

One of the co-founders, Helen Boyle from the UK claims that she used to work with Manchester Police as a “murder detective”. However, there are no public records displayed by her on the same till now. She also claims that she used to work with Richard Branson but there neither any proofs on the internet of the same nor did she provide any to corroborate her claims. She further goes on to mislead people by saying that she is a best selling author however, a google search on her book renders not so promising results. These people have gone to India and formed a company called IX Global. The article claims that a complainant has already lodged a complaint against the company. However, our sources say that those complaints are being supressed due to political pressure on the police by opposition politicians who govern the state of Maharashtra. The complainant said that he was being threatened by the company’s high-ranking officials that his dissent would be supressed using political power. The company is not complying with the local law and is believed to be exploiting it for funnelling the money out of India. The ‘members’ in the multi-level marketing chain who are situated high in the hierarchy are accused of taking money directly into their accounts and funnelling them directly to the company and overseas using hawala.

The company “tricks” to lure people

Gopika Baghel, a Cybercrime Consultant with Chhattisgarh State Police, India said, “When such transactions are being made, they warrant for a GST fraud investigation because as per there is no relation of this money to the company. This can be used in any way and the Law Enforcement Agencies would overlook this as a personal transaction. Such transactions should be only did with company’s official bank account.” The company also uses misleading videos to give people false promises and also introduces them to trading system endorsed by IX Global. They provide trading terminals accounts to Indian citizens but these trading terminals deal in forex exchange pairs beyond the scope of Indian Laws. Prof. Triveni Singh, Superintendent of Police, Cyber Crime, Uttar Pradesh said, “We have busted such rackets in the past and I urge the citizens from all over India to come forward and push for actions in a legal manner against such entities. The company also operates from the dark. it brands itself as an ‘educational company’ but promotes its multi-level marketing scheme over its conventional product. The company never registers itself by the name of IX Global, rather it uses the name as IX Academy.

In India such multi-level marketing companies are under the radar of the law enforcement agencies cybersecurity experts

In India, such multi-level marketing companies have been under the radar of the law enforcement agencies in the past as well. QNet, another multi-level marketing company was being looked into by National Investigative Agency of India, for the alleged transfer of funds to terror accused Zakir Naik. The founder of this company, Joseph Martinez is a US Defence Forces veteran and is also found to be giving misleading details about his life. He was also working in Kuvera Global before starting IX Global with his other counterparts in India and a few European countries like Spain and UK. The company is not having so much presence in its home countries, as well as in UK and Spain which makes it a ponderable thought that why such bias exists. The article estimated that this company has generated about $100 million USD since its inception. “When such facts emerge about a company, many questions of national security because such heavy amounts of money are going out of India. The local police of Mumbai should definitely take this up with their higher authorities and treat this as a high-profile case.” said Nitin Pandey, Cyber Crime Consultant with Uttar Pradesh State’s Cyber Crime. Nishit K Shah, a Cyber Crime Consultant with Mumbai police added“Such legally troubled companies functioning on a transnational level often use the mechanism of establishing shell companies to meet their financial objectives while jumping from one country to another. Those are the grey areas of the laws which allow them to keep their businesses continuing.”

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