On January 11, 2024, the Directorate of Enforcement (ED) searched Kolkata in accordance with the Prevention of Money Laundering Act (PMLA), 2002. As a result, bank accounts and cryptocurrency, primarily BTC 1.46 (currently worth Rs 57 Lakh) that was lying in a crypto wallet on the Binance Crypto Exchange for TM Traders and KK Traders, were frozen.
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 began an investigation. The Reserve Bank of India (RBI) states that neither TP Global FX’s registration nor its authorization for forex trading is held by 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 announcement was to warn the public about unapproved trading platforms.
According to an ED investigation, Prasenjit Das, Shailesh Kumar Pandey, Tushar Patel, and other individuals conned the public by utilizing a variety of fictitious businesses, enterprises, or entities while pretending to be forex traders using the TP Global FX platform and website. These monies were then utilized to buy real estate, both immovable and mobile, for the accused individuals’ personal profit. For their forex trading, IX Global members and users use TP Global FX’s brokerage services. Viraj Suhas Patil and Joseph Martinez are the promoters of IX Global, which received proceeds from the crime of marketing TP Global FX.
Shailesh Kumar Pandey, Prasenjit Das, and Viraj Suhas Patil were previously detained by the ED and are currently being held in judicial custody at the Alipore Jail in Kolkata. In this instance, bank accounts under Section 17(1A) of the PMLA had Rs 121.16 crore frozen. Properties worth Rs 121.23 crore, including cash, gold, apartments, hotels, resorts, and cars, were attached. Prosecution complaints were filed against Shailesh Kumar Pandey and Prasenjit Das, and the Hon’ble Special Court (PMLA) acknowledged the money laundering offence. Additional research is currently being conducted.
