ED attaches ₹118.27 cr worth of assets in illegal TP Global FX forex trading case
Enforcement Directorate (ED) He has temporarily attached movable and immovable property worth Rs 118.27 crore belonging to Prasenjeet Das, Shailesh Pandey, Tushar Patel and their companies in case of illegal forex trading by TP Global FX.
The seizure orders were issued by the General Department on Wednesday under the provisions of the Money Laundering Prevention Act 2002.
Equities, mutual funds, bonds, AIF/PMS, cash in bank accounts, luxury vehicles (MG Hector), apartments, business premises, hotels and resorts were all valued together by ED at Rs.118.27 crore. Rs 121.02 crore has been frozen by the agency under PMLA after searches were conducted on 180 bank accounts, ED said.
“ED investigation revealed that Prasenjit Das, Shailesh Kumar Pandey, Tushar Patel and other persons through various shell companies/companies/entities which they control and manage, defrauded the public under the guise of making investments in forex trading using the platform/website of TP Global FX,” the agency said in a statement.
Fund use
After collecting a large sum, the money was layered and transferred to companies/entities in which the accused persons/fictitious persons were the directors/owners without the knowledge/information of the naive investors, the CEO was accused.
The agency noted that these funds were later used to purchase movable/immovable property for personal gains and benefits for the defendants.
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Das and Pandey are arrested by the ED and both are presently in judicial custody.
ED took the case from Kolkata Police who registered FIR under various sections of Indian Penal Code against M/s TM Traders and M/s KK Traders.
RBI has also issued an alert list that includes TP Global FX’s name in a press release issued on September 7, 2022, to warn the public of unauthorized trading platforms.
Last March, the government informed Parliament of this Assets worth Rs 1.11 crore have been seized in the last six years By agencies investigating economic crimes.