Mumbai: The Securities and Exchange Board of India (SEBI) has uncovered a case in which a stock broking licence was allegedly used as a front to run a Ponzi-like scheme, luring investors with promises of assured monthly returns of 10–12 per cent.
In an order issued against Trdez Investment Private Limited, the regulator said investors were misled into believing that several entities — including Infinite Beacon, IB Prop Desk and Sispay TFS — were linked to the SEBI-registered broker.
Agents allegedly leveraged this association to establish credibility and convince investors to transfer funds into bank accounts operated by these entities.
According to SEBI, investors were provided with dashboards reflecting fictitious profits, while initial withdrawals were permitted to build trust.
However, withdrawals were later restricted, raising red flags about the authenticity of the operations.
The regulator’s investigation pointed to deep-rooted linkages between the broker and the associated entities.
It found that several directors of the brokerage were also partners or linked to firms such as Trdez Financial Services and Infinite Beacon.
Financial transactions between the personal accounts of directors and these entities were observed, alongside shared addresses, contact details and domain linkages, suggesting a coordinated structure.
“The analysis of bank transactions also revealed extensive financial linkages between these entities and the personal accounts of the directors of the Noticee,” the SEBI order noted.
The order also flagged cryptocurrency-related transactions, including USDT, based on statements recorded during the investigation and complaints from investors.
One of the directors reportedly admitted involvement in such transactions, while some complaints alleged that investor funds were routed into crypto instruments.
SEBI further highlighted that the broker itself was virtually inactive in its core business. It had executed trades worth only Rs 43,430 in its proprietary account and had not undertaken any client trades since inception.
The shareholding pattern revealed multiple changes over time, with individuals including Chetan Dhar, Gaurav Sukhdeve and Yayati Mishra holding 10 per cent stakes each, while Rahul Kalokhe and Prasad Kulkarni held 20 per cent each. Agast Mishra and Dhar later exited the firm in 2025.
SEBI estimated that the total mobilisation of funds linked to the entities exceeded Rs 2,950 crore.
While the exact gains made by the broker could not be quantified from available records, the regulator concluded that its conduct enabled a structure that facilitated large-scale mobilisation of funds under misleading representations.
