The Enforcement Directorate (ED) conducted searches in Ahmedabad in connection with a money laundering case by TP Global FX for allegedly trading in forex illegally.
According to the agency, ₹1.36 crore in cash, 1.2 kg of gold worth about ₹71 lakh, two luxury vehicles valued close to ₹89 lakh and various incriminating documents were seized during the operation. The ED also froze ₹14.72 lakh kept in a bank account.
The ED probe is based on a First Information Report registered by the Kolkata police against TM Traders and KK Traders.
“As per the Reserve Bank of India (RBI), TP Global FX is neither registered with the RBI nor does it have any authorisation from the RBI for forex trading. The RBI had also issued an Alert List including the name of TP Global FX vide a press release dated September 7, 2022, which was published to caution the general public against unauthorised trading platforms,” said the agency on Tuesday.
The ED investigation allegedly revealed that Prasenjit Das, Shailesh Kumar Pandey, Tushar Patel and other persons — through various dummy companies, firms or entities, – defrauded the public under the guise of investments in forex trading. “ These funds were subsequently used in the purchase of movable/immovable properties for personal gains/benefits of the accused persons,” it said.
Earlier, the agency had arrested Mr. Pandey and Mr. Das, who are currently in judicial custody. The ED had also frozen ₹121.02 crore was lying in the bank accounts under the Prevention of Money Laundering Act (PMLA), while properties valued ₹118.27 crore in the form of a flat, hotel and resorts and vehicles were attached.
The ED has also filed prosecution complaints (chargesheet) against the two arrested accused and the trial is under way.