The Directorate of Enforcement (ED), Kolkata, has taken possession of attached immovable properties worth Rs 30 crore, including 60 hotel rooms and a vacant plot of land at Seven Hills, Pamban Island Resort, Rameswaram, in the case of TM Traders and KK Traders (TP Global FX), under the Prevention of Money Laundering Act (PMLA).
On its official social media handle X, ED stated: The Kolkata Police registered a case against TP Global FX under various sections of the IPC. The Reserve Bank of India had clarified that the TP Global FX website was neither registered with it nor authorised for forex trading. RBI had also issued an alert list on 7 September 2022, which included the name TP Global FX, cautioning the public against unauthorised trading platforms.
ED initiated a probe into the illegal forex trade carried out by M/s TM Traders and M/s KK Traders. The department froze 180 bank accounts controlled and managed by the accused under the provisions of the PMLA, 2002.
Taking note of this, ED registered cases against these two firms and began its investigation. The probe revealed that Prasenjit Das, Tushar Patel, and Shailesh Kumar Pandey had jointly orchestrated a sophisticated deception by using dummy companies to lure investors into a fraudulent scheme. They allegedly promised high returns through TP Global FX. It is learnt that the directors and promoters of IX Global, namely Viraj Suhas Patil and Joseph Martinez, promoted TP Global FX as their preferred broker. Members and users of IX Global engaged the brokerage services of TP Global FX for forex trading.
ED had earlier provisionally attached properties worth ₹118 crore in connection with the illegal forex trading case involving TP Global FX. The properties belonged to Prasenjit Das, Shailesh Pandey, Tushar Patel, and their associated companies, including shares, mutual funds, bonds, AIF/PMS, cash held in bank accounts, a luxury vehicle (MG Hector), flats, commercial business premises, hotels, and resorts under the provisions of the PMLA. ED found that the accused had channelled investor funds through various fictitious companies, firms, and entities under their control.
ED also found that funds received from investors were diverted to purchase personal assets in the names of Tushar Patel and his associates, using complex methods. Funds were funnelled through dummy accounts and routed via Full-Fledged Money Changers (FFMCs). Trading in foreign currencies without authorisation constitutes illegal forex trading, including insider trading, market manipulation, and deceptive investor-targeting fraud.
ED arrested Shailesh Kumar Pandey, Prasenjit Das, and Viraj Suhas Patil, and seized/froze/attached assets worth approximately Rs270 crore, including cash, real estate, hospitality establishments, office spaces, land, vehicles, cryptocurrencies, and bank balances. According to ED’s statement, two prosecution complaints have been filed against the arrested individuals before a Special Court (PMLA), Kolkata, which has taken cognisance of the offence of money laundering.
