CHENNAI: The enforcement directorate’s Kolkata zone has taken possession of immovable properties worth Rs 30 crore in the form of 60 hotel rooms and vacant land at Seven Hills Pamban Island Resort, Rameswaram, in the case related to TM Traders & KK Traders (TP Global FX), under the provisions of the Prevention of Money Laundering Act (PMLA), 2002, the agency said in a release on Friday.
ED had initiated investigation based on an FIR registered by Kolkata police under various sections of IPC against the two firms. As per Reserve Bank of India (RBI), the website TP Global FX is neither registered with RBI nor does it have any authorisation from RBI for forex trading.
The RBI has also issued an Alert List including the name of TP Global FX on September 7, 2022, cautioning the public against unauthorised trading platforms. ED’s investigation revealed a sophisticated deception was orchestrated by individuals Prasenjit Das, Tushar Patel and Shailesh Kumar Pandey by utilising numerous dummy companies to entice investors into a fraudulent scheme promising high returns on forex trading investments through TP Global FX.
Additionally, the directors and promoters of IX Global, namely Viraj Suhas Patil and Joseph Martinez, actively promoted TP Global FX as their preferred brokers.
Members and users of IX Global employed TP Global FX brokerage services for their forex trading activities.
ED investigation further revealed funds gathered from investors were diverted to procure personal assets in the name of Tushar Patel and his associates.
This was accomplished through complex methods, including funnelling money through dummy accounts and engaging the services of Full Fledged Money Changers (FFMC).
Previously, ED had arrested Shailesh Kumar Pandey, Prasenjit Das and Viraj Suhas Patil, and seized/frozen/attached assets worth Rs 270 crore.