On December 25, 2023, the Directorate of Enforcement (ED) detained “Viraj Suhas Patil,” a major accused, in Mumbai in accordance with the Prevention of Money Laundering Act, 2002 (PMLA) in relation to “TP Global FX‘s” unlawful Forex trading. Viraj Suhas Patil is a permanent resident of the United Arab Emirates, having obtained a Resident Identity Card in 2021. Following his appearance before the Honorable CMM Court in Kolkata, ED was given custody of him until January 2, 2024.
Based on an FIR against M/s TM Traders and M/s KK Traders filed by the Kolkata Police under many sections of the Indian Penal Code, 1860, the ED opened an investigation. According to the Reserve Bank of India (RBI), TP Global FX is neither authorized by the RBI to engage in legitimate forex trading nor is it registered with the RBI. In a press release dated September 7, 2022, the RBI also released an Alert List that includes TP Global FX’s name. The purpose of the list is to warn the public about unapproved trading platforms.
According to an ED investigation, Prasenjit Das, Shailesh Kumar Pandey, Tushar Patel, and other individuals employed a variety of fictitious businesses, enterprises, or entities to deceive the public into believing they were investing in forex trading through the use of TP Global FX’s platform or website. The accused individuals then utilized these unlawfully obtained monies to buy real estate, both immovable and mobile, for their own personal advantage. The members/users of “IX global” traded forex using TP Global FX’s brokerage services. One of the main players in “IX Global” is Viraj Suhas Patil, who acquired or derived proceeds of crime from the promotion of TP Global FX.
Prior to this, Prasenjit Das and Shailesh Kumar Pandey were taken into custody by the ED. Both are currently being held in the Alipore Jail in Kolkata under judicial custody.
Additionally, the balance in many bank accounts, totalling Rs 121.16 Crore, was frozen, and properties worth Rs 121.23 Crore—including cash, gold, apartments, hotels, resorts, and cars—were attached in this case. The prosecution has also filed complaints against Prasenjit Das and Shailesh Kumar Pandey, and the Hon’ble Special Court (PMLA) has acknowledged the money laundering offence. Additional research is currently being conducted.
