Mumbai: The Enforcement Directorate (ED) Kolkata zonal office on Monday provisionally attached movable and immovable assets worth Rs 18.78 crore in connection with its ongoing probe into TP Global FX and IX Global under the Prevention of Money Laundering Act (PMLA), 2002.
Residential and Commercial Properties Seized
The attached assets include residential flats, commercial properties, fixed deposits, and mutual funds linked to the accused entities. With the latest attachment, the total value of seized, frozen, and attached assets in the investigation now stands at Rs 291 crore, including cash, gold, real estate, hospitality assets, office spaces, agricultural land, vehicles, cryptocurrencies, and bank balances.
The move is part of the agency’s ongoing probe into the accused entities’ alleged involvement in illegal forex trading and money laundering.
FIRs Filed Across Multiple States
The probe follows FIRs filed by Maharashtra, Kolkata, and Gujarat police against M/s T M Traders, M/s K K Traders, TP Global FX, IX Global, IX Academy Pvt. Ltd., and others under various sections of the Indian Penal Code (IPC). According to the Reserve Bank of India (RBI), TP Global FX’s website is neither registered nor authorised for forex trading. In September 2022, RBI had also placed TP Global FX on its 'alert list' to warn the public against unregulated forex platforms.
Dummy Companies Used to Lure Investors
ED investigations revealed that a sophisticated fraud was orchestrated by individuals including Prasenjit Das and Tushar Patel, who used multiple dummy companies to lure investors with promises of high returns through TP Global FX. Directors and promoters of IX Global, including Viraj Suhas Patil and Joseph Martinez, actively endorsed TP Global FX as their preferred trading platform, leading members and users of IX Global to invest through the platform for their forex trading activities.
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Multiple FIRs and Investor Fraud Allegations
Multiple FIRs have been registered across the country, including Maharashtra, against TP Global FX, IX Global, IX Academy Pvt. Ltd., and associated promoters and influencers for allegedly duping investors under the guise of offering high forex returns. Earlier, the ED had arrested Shailesh Kumar Pandey, Prasenjit Das, and Viraj Suhas Patil in the case.
Three Prosecution Complaints Filed
The agency has already filed three prosecution complaints before the Special PMLA Court in Kolkata, and further investigations are underway.
