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Illegal trading: ED attaches assets worth over Rs 2.5 crore of forex firm in Ahmedabad

Ahmedabad: In a major search operation, the Enforcement Directorate (ED) on Tuesday conducted searches at TP Global FX in Ahmedabad under the provisions of the Prevention of Money Laundering Act (PMLA). Rs 1.36 crore in cash, 1.2 kg of gold worth Rs 71 lakh and two luxury cars worth Rs 89 lakh were seized in the search.
Apart from this, the authorities also froze Rs 14.72 lakh present in bank accounts. Investigators said they also found a cache of incriminating documents.
“ED initiated investigation on the basis of FIR registered by Kolkata Police against M/s TM Traders and M/s KK Traders under various sections of the IPC. According to the Reserve Bank of India (RBI), TP Global FX is registered with neither. nor does it have any authorization from RBI for Forex trading. RBI vide press release dated 07.09.2022 has also issued an alert list including the name of TP Global FX to the general public against unauthorized trading platforms. It was published to caution, an ED release said on Tuesday.
The investigators noted that the promoters, including Prosenjit Das, Shailesh Kumar Pandey, Tushar Patel and others, created dummy companies, firms, entities and defrauded the public under the guise of investing in forex trading. “These funds were subsequently used to purchase movable/immovable properties for the personal gain/benefit of the accused persons,” the release said. Das and Pandey have already been arrested in this case, which is under investigation since March 2022.
The release said that both are currently in judicial custody. Overall, valuables worth Rs 121 crore, including bank accounts, have been seized and frozen by the ED. The lawsuit and further investigation is ongoing, the release said. This is the second major action of ED in Gujarat in recent times.
Earlier this month, the ED had provisionally attached 23 immovable properties worth Rs 3.9 crore in the case against Suresh Jagubhai Patel and others under the provisions of PMLA, 2002 on 15.09.2023. The total movable/immovable property seized/attached so far in this case is Rs. 6.73 crores. Patel is accused of various crimes in South Gujarat districts.

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