New Delhi [India]: The Enforcement Directorate conducted search operations in Ahmedabad in the illegal Forex Trading case by TP Global FX, an official statement said on Tuesday.
The central agency informed that it has recovered cash amounting to Rs 1.36 crores, 1.2 kg gold worth Rs 71 lakh and two luxury vehicles during search operations.
“ED has conducted search operations in Ahmedabad in case of illegal Forex Trading by TP Global FX. During the search, various incriminating documents, cash amounting to Rs 1.36 Crore, 1.2 Kg of Gold (Approx Rs 71 Lakh), two Luxury Vehicle namely Hyundai Alcazar and Mercedes GLS 350D (approx Rs 89 Lakh) were seized and Rs 14.72 Lakh was freezed in the bank account,” ED posted on X (former Twitter).
ED said that to date Rs 242.39 crores have been seized or attached in this case.
“The action has been taken under the Prevention of Money Laundering Act, 2002,” ED said.
ED initiated an investigation on the basis of FIR registered under various sections of IPC by Kolkata Police against M/s TM Traders and M/s KK Traders.
As per the Reserve Bank of India (RBI), TP Global FX is neither registered with RBI nor does it have any authorisation from RBI for forex trading. The RBI has also issued an Alert List including the name of TP Global FX vide press release dated 7.9.2022, which was published to caution the general public against unauthorised trading platforms.
ED investigation revealed that Prasenjit Das, Shailesh Kumar Pandey, Tushar Patel and other persons through various dummy companies/firms/entities, defrauded the public under the guise of making investments in forex trading.
These funds were subsequently used in the purchase of movable/immovable properties for the personal gains/benefits of the accused persons.
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 under sections 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.