The Securities and Exchange Board of India (SEBI) has revealed a case where a stock broking license was allegedly exploited to operate a Ponzi-like scheme, enticing investors with promises of guaranteed monthly returns. Trdez Investment Private Limited was singled out in the order issued by the regulator for misleading investors by associating with entities like Infinite Beacon, IB Prop Desk, and Sispay TFS, all allegedly linked to the SEBI-registered broker. Agents purportedly used this connection to gain trust and persuade investors to deposit funds into accounts held by these entities.
SEBI disclosed that investors were presented with fake profit dashboards, with initial withdrawals allowed to establish credibility. However, subsequent restrictions on withdrawals raised concerns about the legitimacy of the scheme. The regulator’s investigation unveiled strong connections between the broker and the affiliated entities, with shared directors and financial transactions between personal accounts and these entities indicating a coordinated setup.
The SEBI order also highlighted cryptocurrency transactions, particularly involving USDT, based on investigation statements and investor complaints. One director reportedly confessed to engaging in such transactions, while complaints suggested investor funds were channeled into crypto instruments. Notably, the broker showed minimal activity in its core business, conducting trades worth only Rs 43,430 in its proprietary account and no client trades since inception.
The shareholding pattern of the broker witnessed changes over time, with individuals like Chetan Dhar, Gaurav Sukhdeve, Yayati Mishra holding 10% stakes each, and Rahul Kalokhe and Prasad Kulkarni holding 20% each. Agast Mishra and Dhar exited the firm in 2025. SEBI estimated that funds linked to the entities surpassed Rs 2,950 crore, emphasizing that the broker’s actions enabled large-scale fund mobilization through deceptive means.
