The Directorate of Enforcement (ED) conducted search operations in Ahmedabad on Tuesday under the Prevention of Money Laundering Act (PMLA) in an alleged case of illegal forex trading by TP Global FX, which led to the seizure of cash and items worth more than Rs 2 crore, an official note issued on Tuesday stated.
The searches led to the seizure of cash amounting to Rs 1.36 crore, 1.2 kg of gold worth approximately Rs 71 lakh, two luxury vehicles (Hyundai Alcazar and Mercedes GLS 350D) worth approximately Rs 89 lakh and various incriminating documents. Apart from this, Rs 14.72 lakh was frozen from their bank account, the release said.
The 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 or immovable properties for the personal gains and benefits of the accused persons, the ED said.
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The ED initiated an investigation on the basis of an FIR registered under various sections of the Indian Penal Code by the Kolkata police against TM Traders and KK Traders, according to the press release.
Earlier, the ED had arrested Pandey and Das, who are presently under judicial custody, and Rs 121.02 crore lying in a bank account was frozen under Section 17(1A) of PMLA during search operations. Properties worth Rs 118.27 crore in the nature of a flat, a hotel, resorts and vehicles have been attached and prosecution complaints have been filed against Pandey and Das, the release stated.
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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 in a press release on September 7 to caution people against unauthorised trading platforms.