India's ED Files Third Supplementary Complaint in TP Global FX Scam Case
India’s Directorate of Enforcement (ED), Kolkata Zonal Office, has filed its third supplementary prosecution complaint against alleged scam mastermind Tushar Patel and five associates in the TP Global FX/IX Global forex fraud case. The Special Court in Kolkata took cognizance of the complaint and issued non-bailable warrants against the absconding accused.
According to investigators, Patel orchestrated a massive forex scam that illegally collected over ₹20 billion from the public through dummy bank accounts set up with the help of associates, including Prasenjit Das and Shailesh Pandey. Despite being summoned seven times, Patel has evaded authorities.
The probe stems from FIRs filed by police in Kolkata, Maharashtra, and Gujarat against M/s T M Traders, M/s K K Traders, TP Global FX, IX Global, IX Academy Pvt. Ltd., and related entities. The Reserve Bank of India (RBI) has confirmed that TP Global FX is neither registered nor authorized for forex trading, and placed the company on its Alert List in September 2022 to warn the public against unauthorized trading platforms.
ED’s investigation revealed that Patel and Das used multiple shell companies to lure investors with promises of high returns on forex investments. Influencers and promoters of IX Global, including Viraj Suhas Patil and Joseph Martinez, actively endorsed TP Global FX as their preferred broker, leading members to invest through its online platform.
Multiple FIRs have since been registered in India nationwide against TP Global FX, IX Global, IX Academy Pvt. Ltd., and their promoters for defrauding investors under the guise of forex trading. ED has already arrested Pandey, Das, and Patil in connection with the case.
So far, assets worth approximately ₹2910 million have been seized, frozen, or attached, including cash, gold, real estate, hospitality businesses, office spaces, agricultural land, vehicles, cryptocurrencies, and bank balances.
The investigation remains ongoing.
Previous developments in the TP Global FX/IX Global case:
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