ED Intensifies Crackdown on Rs 2,000 Crore Forex Trading Scam with Third Supplementary Chargesheet
The Enforcement Directorate (ED) has escalated its legal pursuit in the massive TP Global FX/IX Global forex trading scam, filing a third supplementary prosecution complaint under the Prevention of Money Laundering Act (PMLA). This development marks a significant step in the investigation into the alleged fraud, which authorities claim illegally collected over Rs 2,000 crore from the public.
Court Takes Cognisance, Issues Non-Bailable Warrants Against Absconding Accused
A special PMLA court in Kolkata has taken formal cognisance of the ED's latest complaint, filed on January 31. In a decisive move, the court has issued non-bailable warrants (NBWs) against six individuals, including the alleged mastermind Tushar Patel, who remain absconding. The warrants target Patel and five other accused, intensifying pressure on those evading legal proceedings.
According to official sources, Tushar Patel is identified as the central figure orchestrating the scam. He allegedly utilized dummy bank accounts, opened with assistance from associates like Prasenjit Das and Shailesh Pandey, to funnel the illicit funds. Despite being summoned seven times during the investigation, Patel has consistently failed to appear, prompting the court's stringent action.
Massive Financial Fraud: Details of the Scam and Asset Seizures
The fraudulent scheme operated by promising unsuspecting investors high returns on forex trading through platforms like TP Global FX. Investigators reveal that Patel and his associates employed numerous dummy companies to lure the general public into this elaborate financial trap. The scam's scale is underscored by the ED's asset recovery efforts, with approximately Rs 291 crore already seized, frozen, or attached.
The seized assets encompass a diverse range of holdings, including:
- Cash and bank balances
- Gold and real estate properties
- Hospitality establishments and office spaces
- Agricultural land and vehicles
- Cryptocurrencies
Multi-State Investigation and Regulatory Warnings
The ED's probe was initiated based on multiple First Information Reports (FIRs) registered by police in Kolkata, Maharashtra, and Gujarat. These complaints were filed against entities such as M/s T M Traders, M/s K K Traders, TP Global FX, IX Global, and IX Academy Pvt. Ltd., alleging violations under various sections of the Indian Penal Code, 1860.
Adding to the regulatory scrutiny, the Reserve Bank of India (RBI) had previously issued public warnings about TP Global FX. In September 2022, the central bank included the platform in its alert list, clarifying that it is not registered with the RBI and lacks authorization for forex trading activities. This regulatory caution highlights the unauthorized nature of the operations that duped thousands of investors.
Network of Promoters and Previous Arrests
Investigations have uncovered that directors and promoters of IX Global, including Viraj Suhas Patil and Joseph Martinez, actively promoted TP Global FX as their preferred brokerage platform. Members and users of IX Global were directed to invest through TP Global FX's online portal for their forex trading activities, creating an interconnected network that facilitated the fraud.
The ED has already made significant headway with previous arrests in the case. Shailesh Kumar Pandey, Prasenjit Das, and Viraj Suhas Patil have been taken into custody, reflecting the agency's ongoing efforts to dismantle the scam's operational framework. Multiple FIRs continue to be registered across the country against TP Global FX, IX Global, IX Academy Pvt. Ltd., and various influencers associated with these entities.
This latest supplementary chargesheet reinforces the ED's commitment to tackling large-scale financial crimes and protecting investors from unauthorized trading platforms. The issuance of non-bailable warrants signals the judiciary's support in ensuring accountability for those accused of orchestrating one of India's most substantial forex trading scams.
