The Directorate of Enforcement (ED) has carried out search operations on March 13, 2023, in 15 different banks, freezing Rs 121.02 crore in 180 bank accounts in relation to investigations into the illegal forex trading scam on the TP Global FX platform. The accounts were involved in the layering of funds received from the public or investors in the name of forex trading on the said platform. The ED initiated the investigation based on FIRs registered under various sections of IPC by the Kolkata Police against M/s T M Traders and M/s K K Traders.
As per the Reserve Bank of India (RBI), the website TP Global FX is neither registered with the RBI nor does it have any authorization from the RBI for forex trading. The RBI also issued an Alert List, including the name of TP Global FX, via a press release on September 7, 2022, to caution the general public against unauthorized trading platforms.
Further investigations by the ED have revealed that Prasenjit Das, Shailesh Kumar Pandey, Tushar Patel, and other individuals controlled and managed various dummy companies, firms, and entities to defraud the public under the guise of investments in forex trading using the platform/website of TP Global FX. After collecting a substantial amount from the public in the accounts of these dummy firms/entities, the funds were layered and transferred to companies/entities in which the accused persons or dummy persons were the director/proprietor. Subsequently, these funds were used for the purchase of movable/immovable properties for the personal gains/benefits of the accused persons.
Earlier in the investigation, the ED arrested accused Shailesh Kumar Pandey and Prasenjit Das, who are currently under judicial custody. However, another accused, Tushar Patel, is currently on the run and has not joined the investigation so far. Further investigations are ongoing.
The Prevention of Money Laundering Act (PMLA), 2002, allows the ED to freeze bank accounts if the funds involved are suspected to be the proceeds of a crime or are intended to be used for unlawful purposes. Such an action is part of the ED’s efforts to prevent money laundering and other financial crimes in the country.
The freezing of Rs 121.02 crore in 180 bank accounts related to the TP Global FX forex trading scam highlights the need for investors to be cautious when investing in such schemes. The ED’s investigation is ongoing, and further action is expected as they uncover more information. It is always important to verify the authenticity of investment schemes and platforms before investing your hard-earned money.
What happens in such cases where the money is there in the accounts but the accounts are frozen? Do general public get their money back? If so, hoping that the accused are found guilty really soon, how much time does it take for people to get their money?