In a significant development, the Enforcement Directorate (ED) has conducted search operations in Ahmedabad under the provisions of the Prevention of Money Laundering Act, 2002 (PMLA). These operations were related to the illegal forex trading activities of TP Global FX, uncovering a series of startling revelations.
Seizures and Assets: During the search operations, ED made substantial seizures, including:
- Cash amounting to ₹1.36 Crore
- 1.2 Kg of Gold (approximately ₹71 Lakh)
- Two Luxury Vehicles, namely Hyundai Alcazar and Mercedes GLS 350D (with a combined worth of approximately ₹89 Lakh)
- Various incriminating documents
- A freeze on ₹14.72 Lakh in a bank account
Total Value: The total value of movable and immovable properties seized and attached in this case as of now stands at an astonishing ₹242.39 Crore (approximately).
Background: The ED initiated this investigation based on an FIR registered under various sections of the Indian Penal Code (IPC) by Kolkata Police against M/s TM Traders and M/s KK Traders. TP Global FX, according to the Reserve Bank of India (RBI), neither holds registration with RBI nor has authorization from RBI for forex trading. The RBI had issued an Alert List, including TP Global FX, to caution the general public against unauthorized trading platforms.
Fraudulent Activities: The ED’s investigation revealed that individuals such as Prasenjit Das, Shailesh Kumar Pandey, Tushar Patel, and others, operating through various dummy companies/firms/entities, defrauded the public by misleading them into investing in forex trading. The funds obtained through this scheme were subsequently utilized for personal gains and the acquisition of movable and immovable properties.
Previous Actions: Earlier, the ED had arrested Shailesh Kumar Pandey and Prasenjit Das, both of whom are presently in Judicial Custody. During the search operations, ₹121.02 Crore was frozen in bank accounts under Section 17(1A) of PMLA. Properties worth ₹118.27 Crore, including flats, hotels, resorts, and vehicles, were attached. Prosecution Complaints have been filed against Shailesh Kumar Pandey and Prasenjit Das, and the trial is currently in progress.
Ongoing Investigation: The ED’s investigation into this complex case is still in progress as they delve deeper into the intricate web of fraudulent forex trading activities and financial misappropriations.
Conclusion: The Enforcement Directorate’s relentless efforts in uncovering this massive forex trading scam in Ahmedabad have resulted in significant seizures and arrests. The ongoing investigation promises to shed more light on the extent of the fraud and bring those responsible to justice. This case serves as a stark reminder of the importance of vigilance against unauthorized financial schemes and the commitment of law enforcement agencies to protect the interests of the public.
