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Illegal trading: ED attaches forex firm’s property worth over Rs 2.5 cr in Ahmedabad | Ahmedabad News

AHMEDABAD: In a major search operation, the Enforcement Directorate (ED) on Tuesday carried out a search operation on TP Global FX in Ahmedabad under the provisions of Prevention of Money Laundering Act (PMLA).


The search resulted in seizure of Rs 1.36 crore cash, 1.2 kg gold worth Rs 71 lakh and two luxury cars worth Rs 89 lakh.
In addition, the officials also froze Rs 14.72 lakh in bank accounts.


The investigators said that they have also found a stash of incriminating documents.
“ED initiated investigation on the basis of FIR registered under various sections of the IPC by Kolkata Police against M/s TM Traders and M/s KK Traders. As per the Reserve Bank of India (RBI), TP Global FX is neither registered with the 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 vide press release dated 07.09.2022, which was published to caution the general public against unauthorized trading platforms,” an ED release said on Tuesday.


The investigators mentioned that promoters including Prasenjit Das, Shailesh Kumar Pandey, Tushar Patel and others floated dummy companies, firms, entities, and defrauded the public under the guise of making investments in forex trading.
“These funds were subsequently used in purchase of movable/immovable properties for personal gains/benefits of accused persons,” the release added.
The case, which has been under investigation since March 2022, has earlier seen the arrest of Das and Pandey.
Both are currently under judicial custody, the release said.
In all, Rs 121 crore worth of valuables including bank accounts are seized and frozen by the ED.
The trial and further probe is going on, added the release.
It is the second major operation by ED in Gujarat in recent times.
Earlier this month, 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 the PMLA, 2002 on 15.09.2023.
Total movable/immovable properties seized/attached in this case till date is Rs. 6.73 crore.
Patel is accused of various crimes in south Gujarat districts.

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