In a significant development, the Enforcement Directorate (ED) has apprehended Viraj Patil in Mumbai as part of a money laundering investigation linked to a firm engaged in illicit forex trading. Patil, alleged to have resided in Dubai since 2021, faces accusations of promoting TP Global FX, a company not authorized by the Reserve Bank of India (RBI) for forex transactions.
The RBI, in a press release dated September 7, 2022, cautioned the public against unauthorized trading platforms, explicitly mentioning TP Global FX as non-compliant. The ED’s investigation revealed that Patil, along with other key figures, utilized dummy companies to deceive the public, acquiring funds through unlawful means for personal benefit.
Viraj Patil appeared before a magistrate court in Kolkata, where custody was granted to the ED until January 2, 2024. Notably, members/users of ‘IX Global’ reportedly employed the brokerage services of TP Global FX for forex trading.
The ongoing probe, initiated based on a case registered by the Kolkata police against TM Traders and KK Traders, uncovered a network involving Prasenjit Das, Shailesh Kumar Pandey, Tushar Patel, and others. These individuals allegedly utilized dummy entities to defraud the public under the pretext of forex trading investments through TP Global FX.
Illegally acquired funds were purportedly redirected towards personal gains, including the purchase of various assets. The ED has already arrested Pandey and Das, both currently in judicial custody in Alipore Jail, Kolkata. As part of the investigation, assets totaling ₹121.16 crore, including funds in bank accounts, and properties worth ₹121.23 crore, comprising cash, gold, real estate, and vehicles, have been frozen by the ED.
This latest development underscores the ED’s commitment to unraveling financial irregularities and illicit practices in the realm of forex trading.
