ED attaches forex firm’s assets worth 2.5cr

Ahmedabad: In a major search operation, the enforcement directorate (ED) carried out a search operation in the city under the Prevention of Money Laundering Act (PMLA) on TP Global FX and seized Rs 1.36 crore in cash, 1.2kg of gold worth Rs 71 lakh and two luxury cars worth Rs 89 lakh. Officials also froze Rs 14.72 lakh in bank accounts. Investigators said they have found a stash of incriminating documents. ‘ED initiated an investigation based on the FIR registered under various sections of the Indian Penal Code (IPC) by Kolkata police 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 RBI and does not have authorization for forex trading. The RBI had also issued an “Alert List” which included the name of TP Global FX, through a press release dated Sept 7, 2022, which was published to caution the public against unauthorized trading platforms,’ a release issued by the ED on Tuesday said. Investigators said that the companies’ promoters — Prasenjit Das, Shailesh Kumar Pandey, Tushar Patel and others — floated dummy companies, firms, entities and defrauded the public under the guise of investments in foreign exchange (forex) trading. ‘These funds were used to buy movable/immovable properties for personal gains/benefits of accused persons,’ the release said. This case has been under investigation since March 2022, Das and Pandey were arrested earlier and are in judicial custody. In all, assets worth Rs 121 crore including funds in bank accounts have been seized or frozen by the ED. Further investigation is underway.

Illegal trading: ED attaches forex firm's property worth over Rs 2.5 cr in Ahmedabad

The Enforcement Directorate (ED) conducted a search operation on TP Global FX in Ahmedabad, resulting in the seizure of cash, gold, luxury cars, and frozen bank accounts. The investigation was initiated based on an FIR registered by Kolkata Police against M/s TM Traders and M/s KK Traders. TP Global FX is not registered with the Reserve Bank of India (RBI) for forex trading, and the RBI has issued an Alert List cautioning the public against unauthorized trading platforms. The promoters of TP Global FX are accused of defrauding the public and using the funds for personal gains. The investigation is ongoing, and several assets have been seized and attached. This is the second major operation by the ED in Gujarat recently.

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