ED launched Search Operations in Ahmedabad in case of illegal Forex Trading

The Directorate of Enforcement (ED) has conducted search operations in Ahmedabad under the provisions of Prevention of Money Laundering Act, 2002 (PMLA) in case of illegal Forex Trading by TP Global FX.

The searches resulted in the seizure of Rs.1.36 Crore in cash, 1.2 Kg of gold (approx. Rs.71 Lakh), two luxury vehicles, the Hyundai Alcazar and the Mercedes GLS 350D (both worth approximately Rs.89 Lakh), and various incriminating documents. In addition, Rs.14.72 Lakh was freezed in the bank account.

The ED launched an investigation based on a FIR filed by Kolkata Police under various sections of the IPC against M/s TM Traders and M/s KK Traders. According to the Reserve Bank of India (RBI), TP Global FX is not registered with the RBI and does not have any forex trading authorization from the RBI.

The RBI also issued an Alert List, which included the name of TP Global FX, in a press release dated 07.09.2022, to warn the general public about unauthorised trading platforms.

An ED investigation revealed that Prasenjit Das, Shailesh Kumar Pandey, Tushar Patel, and other individuals defrauded the public by using dummy companies/firms/entities to make investments in forex trading. These funds were then used to purchase movable and immovable properties for the personal gain/benefit of the accused.

Earlier, ED had arrested Shailesh Kumar Pandey and Prasenjit Das, who are presently under Judicial Custody, Rs.121.02 Crore was freezed lying in Bank Accounts u/s 17(1A) of PMLA during search operations, Properties worth Rs.118.27 Crore in the nature of Flat, Hotel and Resorts, Vehicles, have been attached and Prosecution Complaints has been filed against Shailesh Kumar Pandey and Prasenjit Das and trial is under progress.