ED’s Big Catch: Gold, Dollars & Docs Worth Over ₹1.5 Cr Seized in Multi-City Raid on Forex Scam
Chandigarh – The Enforcement Directorate (ED) has unearthed a major money laundering racket linked to TP Global FX/IX Global during simultaneous raids in Mumbai, Bangalore, Jalandhar, Indore, and Kolkata on May 16, 2025.
Acting under the provisions of the Prevention of Money Laundering Act (PMLA), 2002, the ED seized illegal wealth worth over ₹1.56 crore.
The crackdown led to the seizure of foreign currencies—US Dollars, Singapore Dollars, Dirhams and more—worth ₹6.42 lakh, gold bullion pegged at ₹55.74 lakh, and bank balances amounting to ₹94 lakh. Additionally, investigators recovered property documents, multiple digital devices, and incriminating paperwork that could unravel deeper layers of the scam.
The raids targeted M/s TM Traders and M/s KK Traders, suspected to be shell entities operating as fronts for TP Global FX/IX Global—a firm under the scanner for duping investors through unauthorized forex trading platforms.
ED officials said the operation was part of an ongoing probe into illicit financial transactions and forex violations. More arrests and disclosures are expected as forensic analysis of seized devices and documents progresses.
Sources suggest the scam could have links abroad, and ED is likely to invoke FEMA and other cross-border financial laws in the next phase of the investigation.
