In a major crackdown on illegal forex trading, the Enforcement Directorate (ED) conducted searches at the premises of TP Global FX, a foreign exchange trader based in Ahmedabad. The operation, carried out under the provisions of the Prevention of Money Laundering Act, 2002 (PMLA), resulted in the seizure of assets worth Rs 3.10 crore. During the search operation, the ED uncovered incriminating documents at various locations linked to TP Global FX. The central agency found that the firm had no authorization from the Reserve Bank of India (RBI) for forex trading. As a result, the ED initiated an investigation based on an FIR registered by the Kolkata Police against M/s TM Traders and M/s KK Traders, which are associated with TP Global FX.
The ED’s investigation revealed that individuals associated with the company, including Prasenjit Das, Shailesh Kumar Pandey, Tushar Patel, and others, had defrauded people by falsely promising investments in forex trading. The funds obtained through these fraudulent schemes were subsequently used for personal benefits and investments in movable and immovable properties.
As part of the crackdown, the ED seized Rs 1.36 crore in cash, 1.2 kilograms of gold valued at Rs 71 lakh, two luxury cars worth Rs 89 lakh, and Rs 14.72 lakh from a bank account. Additionally, the central agency had previously arrested Shailesh Kumar Pandey and Prasenjit Das, who remain in judicial custody, and frozen Rs 121.02 crore in the bank accounts of the accused individuals.
Furthermore, the ED has attached properties worth Rs 118.27 crore, including flats, vehicles, hotels, and resorts belonging to the accused persons, as part of the ongoing prosecution proceedings against Pandey and Das.
The RBI had previously issued an “Alert List” cautioning the public against unauthorised trading platforms like TP Global FX. The central agency’s actions are aimed at curbing illegal forex trading activities and ensuring compliance with financial regulations.