May 21, 2025 — The Enforcement Directorate (ED) has executed extensive search operations across multiple Indian cities, including Mumbai, Bengaluru, Kolkata, Indore, and Jalandhar, as part of an ongoing investigation into a significant money laundering case involving unregulated forex trading platforms.
Key Seizures and Findings
During the coordinated raids, the ED seized assets valued at approximately ₹1.5 crore. The confiscated items include:
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Foreign currencies (US Dollars, Singapore Dollars, Dirhams) totaling around ₹6.43 lakh
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Gold bullion worth ₹55.74 lakh
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Bank accounts with balances approximating ₹94 lakh
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Property documents, digital devices, and various incriminating documents
These actions were undertaken under the provisions of the Prevention of Money Laundering Act (PMLA), 2002.
Entities Under Investigation
The ED's probe centers on entities such as M/s TM Traders and M/s KK Traders, operating under the names TP Global FX and IX Global. These firms are accused of orchestrating a sophisticated forex trading scam, luring investors with promises of high returns. Investigations have revealed the use of multiple shell companies to channel illicit funds.
Regulatory Warnings and Legal Actions
The Reserve Bank of India (RBI) had previously issued warnings about TP Global FX, stating that the platform is neither registered with nor authorized by the central bank for forex trading activities. The ED's investigation is based on multiple First Information Reports (FIRs) filed by police departments in Kolkata, Maharashtra, and Gujarat.
Several individuals, including Shailesh Kumar Pandey, Prasenjit Das, and Viraj Suhas Patil, have been arrested in connection with the case. The ED has also filed two prosecution complaints against the accused for offenses under the PMLA.
Public Advisory
The ED urges the public to exercise caution and conduct due diligence before investing in forex trading platforms, especially those not registered with regulatory authorities. Investors are advised to verify the legitimacy of such platforms to avoid falling victim to fraudulent schemes.
For more updates on this developing story, stay tuned to official announcements from the Enforcement Directorate and financial regulatory bodies.
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