PUNE: The investigation into the alleged ₹2,000 crore illegal forex investment scam involving trading platform TP Global FX has gathered momentum after Pune Rural Police registered a case against 57 individuals, including the company’s key officials, agents and associates. The action comes as the Enforcement Directorate (ED) continues its money laundering probe under the Prevention of Money Laundering Act (PMLA) and has already seized or attached assets worth approximately ₹291 crore.
According to the police, the case was registered at Narayangaon Police Station following a complaint by a 50-year-old businessman from Junnar taluka, who alleged that representatives of TP Global FX persuaded him to invest more than ₹1 crore by promising exceptionally high returns through forex trading. The complainant claimed he was unable to recover his investment. Preliminary findings indicate that similar cases against the company and its representatives have already been registered in West Bengal, Gujarat and Maharashtra.
Officials said the complainant had initially approached Kolkata Police, where a Zero FIR was registered at Hare Street Police Station. The case was later transferred to Pune Rural Police because the complainant resides within its jurisdiction. Investigators are now examining the company’s operational footprint in Pune district, including its network of local agents and investors.
Meanwhile, the ED’s Kolkata Zonal Office has already filed multiple prosecution complaints before a special court in connection with the ongoing investigation. According to the agency, TP Global FX illegally collected more than ₹2,000 crore from investors across India in the name of forex trading without the required regulatory approvals. The agency alleges that the funds were routed through numerous dummy bank accounts opened with the assistance of associates before being diverted through multiple financial channels.
The ED stated that its investigation was initiated on the basis of FIRs registered in West Bengal, Maharashtra and Gujarat. During the probe, investigators found that TP Global FX’s website was neither registered with the Reserve Bank of India (RBI) nor authorised to provide forex trading services in the country. The RBI had included TP Global FX in its September 2022 Alert List, warning the public against dealing with unauthorised forex trading platforms.
According to the ED, the accused allegedly orchestrated a sophisticated investment fraud by creating a network of shell and dummy companies to lure investors with promises of high and assured returns. The agency believes the proceeds of the alleged scam were subsequently invested, concealed or transferred through multiple assets and financial instruments.
So far, the ED has seized, frozen or attached assets worth nearly ₹291 crore, including cash, gold, real estate, hospitality establishments, office premises, agricultural land, vehicles, bank balances and cryptocurrencies. Investigators are also examining the money trail to identify the ultimate beneficiaries and determine the full extent of the alleged financial network.
Authorities believe the case extends beyond a conventional investment fraud and involves suspected money laundering, misuse of shell companies and organised financial crime. Multiple state police forces and central agencies are therefore coordinating their investigations to identify all individuals involved and trace the movement of investors’ funds.
Renowned cybercrime expert and former IPS officer Prof. Triveni Singh said unauthorised investment platforms promising unusually high and guaranteed returns have become one of the biggest drivers of financial cybercrime. He advised investors to verify whether any forex, cryptocurrency or online trading platform is authorised by the RBI, SEBI or another competent regulator before investing. Relying solely on social media promotions, referral networks or unrealistic return promises, he cautioned, can lead to substantial financial losses.
About the author — Suvedita Nath is a science student with a growing interest in cybercrime and digital safety. She writes on online activity, cyber threats, and technology-driven risks. Her work focuses on clarity, accuracy, and public awareness.
