ED attaches Properties worth 118 Crores in Illegal Forex Trading by TP Global FX

The Enforcement Directorate (ED) initiated a probe into the illegal forex trade against M/s T M Traders and M/s K K Trader. The department has freezed the 180 bank accounts controlled and managed by the accused under the Prevention of Money Laundering Act, 2002.

The department has temporarily attached the properties worth 118 crores in the case of the Illegal Forex Trading by the TP Global FX. The properties belonged to Prasenjit Das, Shailesh Pandey, Tushar Patel and their companies.

Trading in foreign currencies without authorization is known as illegal Foreign exchange trading. Insider trading, market manipulation, and deceptive investor-targeting fraud are a few examples of this.

The department has attached the Shares, Mutual Funds, Bonds, AIF/PMS, Cash lying in Banks Accounts, Luxury Vehicle (MG Hector), Flats, Commercial Business Places, Hotels and Resorts under the provisions of PMLA.

According to an investigation by the ED, Prasenjit Das, Shailesh Kumar Pandey, Tushar Patel, and other individuals defrauded the public by pretending to invest in forex trading using the platform and website of TP Global FX. They did this through a variety of fictitious companies, firms, and entities that they controlled and managed.

Shailesh Kumar Pandey and Prasenjit Das were previously detained by the ED during an investigation into the TP Global FX illegal forex trading fraud. Both of them are currently in judicial custody.

The proper authorities, such as financial regulatory organisations or law enforcement agencies, should be notified if you have any suspicions that someone is trading forex illegally.

Before investing in any forex trading activity, it is crucial to carry out extensive research to make sure you are working with credible and authorised brokers and trading platforms.

Financial agencies that monitor and regulate trading practises to stop illegal operations have their own ways of controlling the illegal forex trading in many different countries. These rules were put in place to safeguard investors from fraud and market manipulation, and to ensure honest and open trading activities.

To Read the full text of the Order CLICK HERE

Support our journalism by subscribing to TaxscanAdFree. Follow us on Telegram for quick updates.