On March 13, 2023, the Directorate of Enforcement (ED) conducted searches at 15 different banks with 180 bank accounts as part of investigations into illicit currency trading on the TP Global FX platform. These accounts took part in the stacking of investor/public monies received for forex trading on the TP Global FX Platform. After searches, the Prevention of Money Laundering Act (PMLA), 2002’s provisions have been applied to freeze Rs 121.02 Crore that was present in these bank accounts.
The FIR filed by the Kolkata Police against M/s T M Traders and M/s K K Traders under several IPC sections served as the foundation for the ED’s probe. The website TP Global FX, according to the Reserve Bank of India (RBI), is neither registered with the RBI nor does it have any authorization from the RBI for forex trading. In a news release dated September 7, 2012, the RBI also released an Alert List, which includes the name of TP Global FX, to warn the public about using unlicensed trading platforms.
According to an investigation by the ED, Prasenjit Das, Shailesh Kumar Pandey, Tushar Patel, and other individuals defrauded the public by pretending to invest in forex trading using the platform and website of TP Global FX. They did this through a variety of fictitious companies, firms, and entities that they controlled and managed. Additionally, these funds were layered and transferred to companies/entities in which accused persons/dummy persons were the directors/proprietors after being collected in significant amounts from the public in the accounts of these fictitious firms/entities. Subsequently, these funds were used for the purchase of movable and immovable properties for the personal gains/benefits of the accused persons.
Early in the inquiry, the ED detained the accused Shailesh Kumar Pandey and Prasenjit Das. They are both present in the custody of the court. Tushar Patel, another suspect, is wanted for fleeing and hasn’t cooperated with the investigations as of yet. More research is now being conducted.
