The Enforcement Directorate (ED) has provisionally attached assets worth ₹18.78 crore in the TP Global FX/IX Global case under the Prevention of Money Laundering Act (PMLA), 2002. The attached properties include flats, commercial spaces, fixed deposits, and mutual funds. The case was jointly pursued by police in West Bengal, Maharashtra, and Gujarat, highlighting the scale of the fraud.
According to the ED, the accused lured investors with promises of high returns through forex trading and carried out a sophisticated scam. The investigation was based on FIRs filed by Kolkata Police, Maharashtra Police, and Gujarat Police under various sections of the IPC against TM Traders, KK Traders, TP Global FX, IX Global, IX Academy Pvt Ltd, and others.
The Reserve Bank of India (RBI) confirmed that TP Global FX was neither registered with nor authorized by RBI to conduct forex trading. In fact, RBI had issued a press release on 7 September 2022, placing TP Global FX on its alert list of unauthorized forex trading platforms to warn the public.
ED’s probe revealed that individuals such as Prasenjit Das and Tushar Patel used multiple shell companies to defraud investors. IX Global’s directors and promoters, including Viraj Suhas Patil and Joseph Martinez, also actively promoted TP Global FX as their preferred broker, drawing members and users into the fraudulent scheme.
