Enforcement Directorate Seizes Luxury Resort in Tamil Nadu Amidst Money-Laundering Probe

The Enforcement Directorate has seized 60 rooms and vacant land at Seven Hills Pamban Island Resort in Rameswaram, Tamil Nadu, worth Rs 30 crore. This action is part of an investigation into money-laundering schemes orchestrated by TP Global FX, linked to fraudulent forex trading activities and involving multiple accused.

The Enforcement Directorate (ED) has taken possession of luxurious assets at the Seven Hills Pamban Island Resort in Rameswaram, Tamil Nadu. On Thursday, ED officials seized 60 rooms and a vacant plot, valued at Rs 30 crore, amid a probe into the resort's involvement in a significant money-laundering scheme.

This investigation links back to an FIR by the Kolkata Police against T M Traders and K K Traders (also known as TP Global FX). The ED's enforcement action reveals an elaborate fraud involving resort owners who, by utilizing fake companies, duped investors into bogus forex trading ventures. Individuals like Prasenjit Das, Tushar Patel, and Shailesh Kumar Pandey were central figures in this sophisticated deception.

The deception extended to directors and promoters from IX Global—Viraj Suhas Patil and Joseph Martinez—who endorsed and facilitated TP Global FX's operations. Unregistered by the Reserve Bank of India, TP Global FX diverted investors' funds to accumulate personal assets. Top officials, Das, Pandey, and Patil, have been arrested, and chargesheets filed by the ED highlight the scale and complexity of the operations.

(With inputs from agencies.)