The Enforcement Directorate (ED) recently executed searches at the premises of a foreign exchange trader based in Ahmedabad, resulting in the confiscation of cash and other assets valued at Rs 3.10 crore in connection with an illegal forex trading case, announced the central agency on Tuesday.
The ED conducted these searches at locations associated with TP Global FX under the provisions of the Prevention of Money Laundering Act, 2002 (PMLA), as stated in an official ED release.
During the operation, authorities confiscated a sum of Rs 1.36 crore in cash, 1.2 kg of gold with an estimated value of Rs 71 lakh, two luxury cars valued at Rs 89 lakh, and discovered Rs 14.72 lakh held in a bank account, according to the release.
