ED files supplementary chargesheet in Rs 2,000 crore forex trading scam

A special PMLA court in Kolkata has taken cognisance of the ED’s third supplementary prosecution complaint in the TP Global FX/IX Global forex trading scam and issued non-bailable warrants against mastermind Tushar Patel and five absconding accused.

3 min readFeb 5, 2026 08:20 AM IST

Assets worth about Rs 291 crore have been seized or attached in the case so far.

ED has filed its third supplementary complaint in the TP Global FX/IX Global forex trading scam and secured NBWs against absconding mastermind Tushar Patel and five others. (File Photo)

The Enforcement Directorate has filed its third supplementary prosecution complaint against Tushar Patel and five others in connection with TP Global FX/IX Global forex trading scam, under the Prevention of Money Laundering Act (PMLA).

A special court (PMLA), Kolkata, took cognisance of the complaint on January 31 and issued non-bailable warrants against the accused, who are currently absconding.

According to an official, “Tushar Patel is the mastermind of the TP Global Forex trading scam, which illegally collected an amount of more than Rs. 2,000 crore from the public in the name of forex trading. The amount was collected in dummy bank accounts opened with the assistance of his associates like Prasenjit Das and Shailesh Pandey. Patel was summoned 7 times during the investigation; however, he failed to comply with the summons and continues to remain absconding.”

The total amount of seized/frozen/attached assets in the case is approximately Rs. 291 crores, in the form of cash, gold, real estate, hospitality establishments, office spaces, agricultural land, vehicles, cryptocurrencies, and bank balances.

The ED initiated an investigation, based on the FIRs registered under various sections of IPC, 1860, by Kolkata, Maharashtra, and Gujarat Police against M/s T M Traders, M/s K K Traders, TP Global FX, IX Global, IX Academy Pvt. Ltd and others.

The Reserve Bank of India (RBI) also warned the public about TP Global FX, stating it is not registered with the central bank and it also does not have any authorization from RBI for forex trading. It had earlier issued an alert list featuring TP Global FX in September 2022, warning the public about unauthorised trading platforms.

According to the investigation, Das and Patel used numerous dummy companies to lure investors/general public into a fraudulent scheme promising high returns on forex trading investments through TP Global FX.

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Additionally, the directors and promoters/influencers of IX Global, namely Viraj Suhas Patil and Joseph Martinez, and others, actively promoted TP Global FX as their preferred brokers.

Members and users of IX Global invested through the online platform of TP Global FX for their forex trading activities.

Multiple FIRs have been registered across the country, against TP Global FX/ IX Global/ IX Academy Pvt. Ltd./ different influencers/ promoters of IX Global viz. Tushar Patel, Joseph Martinez, Viraj Suhas Patil etc. for luring general public in the guise of providing higher return on the invested money for forex trading at the platform of TP Global FX/ IX Global.

Earlier, the ED had arrested Shailesh Kumar Pandey, Prasenjit Das, and Viraj Suhas Patil in the case.

Sweety Kumari

Sweety Kumari is a seasoned journalist reporting from West Bengal for The Indian Express. With over a decade of experience in the media industry and eight years specifically with The Indian Express, she demonstrates considerable Expertise and Authority across a diverse range of critical beats. Experience & Authority Current Role: Journalist, The Indian Express, reporting from West Bengal. Extensive Tenure: Over 10 years of experience in the media industry, with a long association (8 years) with The Indian Express, contributing to a high level of Trustworthiness. Diverse Coverage: Covers crucial beats including Crime, Defence, Health, and Politics, alongside writing on trending topics. Investigative Focus: Possesses a keen eye for investigative and human-interest stories, demonstrating depth and skill in impactful journalism. Beat Versatility: Has honed her craft across diverse beats, including aviation and reporting on various incidents, ensuring well-rounded and comprehensive reportage. Career Start: Began her journalistic journey as an Entertainment and lifestyle journalist with a news portal in Kolkata, providing a foundational understanding of media landscape and audience engagement. Education Advanced Education: Holds a PG in Mass Communication from Jadavpur University, equipping her with advanced media theory and skills. Undergraduate Education: Holds an Honours degree in Journalism from Jaipuria College. Multilingual Skill: Her fluency in English, Hindi, Bengali, and Maithili enhances her reach and capability to connect with diverse sources and communities in the region, adding a layer of accessibility and authenticity to her reporting. Regional Roots: Originally from Bihar, she was brought up and educated in Kolkata (Kendriya Vidyalaya Salt Lake), giving her a deep, personal understanding of the cultural and political nuances of her reporting region. Sweety Kumari's combination of significant experience, specialization in key beats like Crime and Politics, and strong academic background makes her a trusted and authoritative contributor to The Indian Express. ... Read More

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