Bengal: ED Seizes Properties Valued at Rs 30 Crore in Money Laundering Investigation
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Synopsis
The Enforcement Directorate has seized properties valued at Rs 30 crore in Rameswaram, Tamil Nadu, linked to a money laundering case involving fraudulent Forex trading activities by TP Global FX and its associates.
Key Takeaways
- ED seizes Rs 30 crore assets in Tamil Nadu.
- Investigations revealed a sophisticated fraud scheme.
- TP Global FX is unregistered with the RBI.
- Funds misappropriated to acquire personal assets.
- Dummy companies were utilized for deceitful activities.
Kolkata, April 17 (NationPress) On Thursday, the Enforcement Directorate (ED) announced that its Kolkata office has seized confirmed immovable assets worth Rs 30 crore, consisting of 60 hotel rooms and vacant land located in Rameswaram, Tamil Nadu. These properties were previously owned by two TM Traders, M/s KK Traders (TP Global FX), under the Prevention of Money Laundering Act (PMLA), 2002.
The ED stated that an investigation has been initiated against this entity following an FIR filed earlier by the Kolkata Police.
According to the Reserve Bank of India (RBI), the website TP Global FX is not registered with the RBI and lacks any authorization for Forex trading. The RBI has also included the name of TP Global FX in an alert list, as per a press release dated 07.09.2022, to warn the public against unauthorized trading platforms.
As per the statement, the investigation revealed that a complex fraud was perpetrated by individuals including Prasenjit Das, Tushar Patel, and Shailesh Kumar Pandey, who utilized several dummy companies to lure investors into a fraudulent scheme that promised high returns on Forex trading investments through TP Global FX.
In addition, the directors and promoters of IX Global, Viraj Suhas Patil and Joseph Martinez, actively endorsed TP Global FX as their preferred brokers. Users of IX Global utilized the brokerage services of TP Global FX for their Forex trading.
The investigation further uncovered that funds collected from investors were misappropriated to acquire personal assets in the names of Tushar Patel and his associates.
This was executed using intricate methods, such as channeling money through dummy accounts and employing the services of Full Fledged Money Changers (FFMC).
