The Enforcement Directorate (ED) carried out a search operation on TP Global FX in Ahmedabad under the provisions of Prevention of Money Laundering Act (PMLA).
The search resulted in seizure of Rs 1.36 crore cash, 1.2 kg gold worth Rs 71 lakh and two luxury cars worth Rs 89 lakh. In addition, the officials also froze Rs 14.72 lakh in bank accounts.
The investigators said that they have also found a stash of incriminating documents.
ED initiated investigation on the basis of FIR registered under various sections of the IPC by Kolkata Police against M/s TM Traders and M/s KK Traders. As per the Reserve Bank of India (RBI), TP Global FX is neither registered with the 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 vide press release dated 07.09.2022, which was published to caution the general public against unauthorized trading platforms.
The investigators mentioned that promoters including Prasenjit Das, Shailesh Kumar Pandey, Tushar Patel and others floated dummy companies, firms, entities, and defrauded the public under the guise of making investments in forex trading.