Is Forex Trading a Scam? ED Kolkata Files Third Supplementary Chargesheet Against Six Individuals
Synopsis
The Enforcement Directorate's latest chargesheet in the TP Global FX case reveals a vast scam led by Tushar Patel, who allegedly misled thousands of investors. With over Rs 2000 crore involved, this ongoing investigation highlights serious concerns in the forex trading landscape. Stay informed about the developments in this significant case.
Key Takeaways
Tushar Patel is the mastermind behind the TP Global FX scam .
Over Rs 2000 crore was unlawfully collected from investors.
The ED is actively pursuing the case with ongoing investigations.
Investors are advised to be cautious of unauthorized trading platforms.
Significant assets worth around Rs 291 crore have been seized.
Kolkata, Feb 4 (NationPress) The Enforcement Directorate's Kolkata Zonal Office has submitted the third supplementary chargesheet against Tushar Patel and five others in front of a Special Court (PMLA) as part of the ongoing investigation related to TP Global FX and IX Global under the Money-Laundering Act (PMLA), 2002.
In a statement released on Wednesday evening, the central investigation agency indicated that the Special Court acknowledged the complaint on the same day, subsequently issuing Non-Bailable Warrants against the accused who are currently on the run.
Tushar Patel is identified as the key figure behind the TP Global Forex trading scam, which illicitly gathered over Rs 2000 crore from the public under the guise of forex trading.
According to the statement, the funds were amassed through fictitious bank accounts created with the help of his associates, including Prasenjit Das and Shailesh Pandey. Despite being summoned seven times during the investigation, Tushar Patel failed to appear and remains at large.
The ED launched an investigation into TP Global FX and IX Global based on FIRs filed under various sections of the IPC, 1860 by the Kolkata Police, Maharashtra Police, and Gujarat Police against Ms T M Traders, M/s K K Traders, TP Global FX, IX Global, IX Academy Pvt Ltd, and others.
The Reserve Bank of India (RBI) has stated that the TP Global FX website is neither registered with the RBI nor authorized for forex trading. The RBI also published an Alert List last year, which included TP Global FX, warning the public against unauthorized trading platforms.
The ED's investigation uncovered a sophisticated scheme orchestrated by individuals like Prasenjit Das and Tushar Patel, who utilized numerous fictitious companies to lure investors into a fraudulent scheme that promised substantial returns on forex trading investments via TP Global FX.
The total value of assets seized, frozen, or attached in this case amounts to approximately Rs 291 crore, comprising cash, gold, real estate, hospitality businesses, office spaces, agricultural land, vehicles, cryptocurrencies, and bank balances.
Point of View
I emphasize the need for vigilance among investors regarding forex trading platforms. The TP Global FX case serves as a crucial reminder of the risks of unregulated trading schemes. It is essential for the public to remain informed and cautious to avoid falling victim to fraudulent operations.
NationPress
1 Jul 2026
Frequently Asked Questions
What is the TP Global FX scam?
The TP Global FX scam involves a fraudulent scheme led by Tushar Patel, who allegedly collected over Rs 2000 crore from the public under the pretense of forex trading.
What actions have been taken by the Enforcement Directorate?
The Enforcement Directorate has filed a third supplementary chargesheet and issued Non-Bailable Warrants against the accused, who are currently absconding.
How much money was involved in the scam?
The scam reportedly involved an amount exceeding Rs 2000 crore collected from investors through fraudulent means.
Is TP Global FX authorized for forex trading?
No, the Reserve Bank of India has stated that TP Global FX is not registered or authorized for forex trading.
What is the status of the investigation?
The investigation is ongoing, with substantial assets already seized, including cash, gold, and real estate, amounting to approximately Rs 291 crore.
