In response to TP Global FX’s unlawful Forex Trading, the Directorate of Enforcement (ED) carried up search operations in Ahmedabad in accordance with the Prevention of Money Laundering Act, 2002 (PMLA). During the searches, 1.36 crore rupees in cash, 1.2 kilogrammes of gold (worth around 71 lakh rupees), two luxury cars—the Hyundai Alcazar and Mercedes GLS 350D—worth roughly 89 lakh rupees, as well as several damning documents—were seized. In addition, Rs 14.72 lakhs in the bank account were frozen.
The FIR against M/s TM Traders and M/s KK Traders that the Kolkata Police had filed under many IPC sections served as the foundation for the inquiry by the ED. According to the Reserve Bank of India (RBI), TP Global FX neither has an account with the RBI nor is it authorised by the RBI to engage in 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.
An ED investigation found that Prasenjit Das, Shailesh Kumar Pandey, Tushar Patel, and other individuals cheated the public by using fictitious companies/firms/entities to make investments in forex trading. These money were then utilised to acquire moveable and immovable assets for the personal gain/benefit of the accused.
Earlier, ED had arrested Shailesh Kumar Pandey and Prasenjit Das, who are presently under Judicial Custody, Rs 121.02 Crore was freezed lying in Bank Accounts u/s 17(1A) of PMLA during search operations, Properties worth Rs 118.27 Crore in the nature of Flat, Hotel and Resorts, Vehicles, have been attached and Prosecution Complaints has been filed against Shailesh Kumar Pandey and Prasenjit Das and trial is under progress. More research is being conducted.
