Indian ED Conducts Multi-City Forex Fraud Raids Targeting TP Global FX and IX Global, Seizes ₹15.6 Million

The Indian federal anti-money laundering agency Directorate of Enforcement (ED), Kolkata Zonal Office, conducted search operations across locations in Mumbai, Bangalore, Jalandhar, Indore, and Kolkata linked to TP Global FX and IX Global. The raids resulted in the seizure of foreign currencies (USD, Singapore Dollar, Dirham, etc) amounting to approximately Rs 6,42,973, Gold bullion worth Rs 55,74,667, bank balances totaling Rs 9.4 million, property documents, and several digital devices.

The investigation stems from First Information Reports (FIRs) filed by Kolkata Police, Maharashtra Police, and Gujarat Police against entities such as M/s T M Traders, M/s K K Traders, TP Global FX, and others for allegedly operating without registration with the Reserve Bank of India (RBI) and authorization for forex trading.

The probe uncovered an alleged investment scam led by prime suspects Prasenjit Das and Tushar Patel, who reportedly set up numerous dummy companies to lure investors into a fraudulent forex trading scheme promising high returns through TP Global FX. The ED has filed two Prosecution Complaints against the arrested accused on money laundering charges.

Further revelations included that IX Global directors and promoters, including Viraj Suhas Patil and Joseph Martinez, actively promoted TP Global FX as a preferred brokerage platform. 

Authorities have registered multiple FIRs across several states against TP Global FX, IX Global, IX Academy Pvt., and various influencers and promoters, including Viraj Suhas Patil, Tushar Patel, and Joseph Martinez, for allegedly deceiving the public with promises of high forex investment returns.

Earlier, the ED arrested Shailesh Kumar Pandey, Prasenjit Das, and Viraj Suhas Patil, seizing assets worth Rs 2,700 million. Confiscated assets include cash, gold, real estate, hospitality establishments, office spaces, agricultural land, vehicles, cryptocurrencies, and bank balances.

Senior ED officials reminded the public that the RBI had issued an Alert List naming TP Global FX, warning the public against unauthorized trading platforms.

BrokersView also unmasked TP Global FX’s fraudulent operations.