Brief Look at TP Global FX
TP Global FX, formerly an international Forex broker, has ceased operations, leaving many clients without access to their funds. The company's registration in offshore jurisdictions like Vanuatu and Saint Vincent and the Grenadines raised doubts about its reliability and transparency. The absence of licenses from reputable financial regulators (e.g., FCA or ASIC) further fueled suspicions of the broker's fraudulent nature.
Beginning in 2022, numerous client complaints emerged regarding withdrawal difficulties and a lack of response from TP Global FX support. Also that year, RBI (Reserve Bank of India) added TP Global FX to its Alert List, an official warning indicating the company was not registered with the RBI and lacked permission to trade in the Forex market.
In September 2023, the Indian Enforcement Directorate (ED) opened a case against TP Global FX for illegal Forex market activities. The investigation resulted in the seizure of over 35,000,000 rupees in cash (approximately $420,000), 1.2 kg of gold, and two luxury cars. In January 2024, the company's co-founder, Viraj Patil, was arrested. Authorities allege the broker illegally collected funds from investors, violating Indian financial laws.
Thus, TP Global FX proved to be a fraudulent organization that exploited offshore registrations and the absence of strict regulation to attract investors and misappropriate their funds. The company's clients were left without compensation, and its operations were terminated due to investigations and legal action.
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