The Enforcement Directorate (ED) has made a significant breakthrough in the case of illegal Forex Trading by arresting Viraj Suhas Patil, a key accused associated with “TP Global FX.” The arrest, executed in Mumbai on 25th December 2023 under the provisions of the Prevention of Money Laundering Act, 2002 (PMLA), sheds light on a sophisticated financial fraud operation.
Viraj Suhas Patil, a resident of the UAE since 2021 with a Resident Identity Card, was produced before the Hon’ble CMM Court, Kolkata. The court granted custody to the ED until 2nd January 2024. The ED’s investigation originated from an FIR registered by Kolkata Police against M/s TM Traders and M/s KK Traders under various sections of the IPC, 1860.
“The Reserve Bank of India (RBI) has highlighted that TP Global FX is not registered with the RBI and lacks authorization for legal forex trading. A press release dated 7th September 2022 warned the public against unauthorized trading platforms, including TP Global FX, placing the platform on an Alert List”.
The ED’s findings reveal a complex network involving individuals such as Prasenjit Das, Shailesh Kumar Pandey, Tushar Patel, and others who utilized dummy companies to defraud the public through illegal forex trading. Funds acquired unlawfully were then utilized to acquire movable and immovable properties for personal gains. The “IX Global” members/users engaged in forex trading through TP Global FX, deriving proceeds of crime in promoting the platform. Viraj Suhas Patil emerges as a key figure in the operations of “IX Global.”
“Previously, the ED had arrested Shailesh Kumar Pandey and Prasenjit Das in connection with this case. Both are presently in judicial custody in Alipore Jail, Kolkata. Assets totaling Rs 121.23 Crore, including cash, gold, flats, hotels, resorts, and vehicles, have been attached. Prosecution complaints against Shailesh Kumar Pandey and Prasenjit Das have been filed, with the Hon’ble Special Court (PMLA) taking cognizance of the offense of money laundering. The unfolding case underscores the pervasive nature of financial fraud and the ED’s commitment to unraveling such intricate schemes”.
