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SEBI Exposes Rs 2,950 Crore Ponzi Scheme Using Broker Licence Front

SEBI has uncovered a major scheme where a registered stock broking licence was allegedly used as a front to run a Ponzi-like operation. Investors were lured with promises of 10-12% assured monthly returns and shown dashboards with fake profits. The investigation found deep financial links between the broker's directors and the front entities, with funds also allegedly routed into cryptocurrencies. The total fund mobilisation linked to this scheme has crossed a staggering Rs 2,950 crore.

Key Points: SEBI Uncovers Rs 2,950 Cr Ponzi Scheme Using Broker Licence

  • Assured returns of 10-12% promised
  • Dashboards showed fictitious profits
  • Funds routed to crypto like USDT
  • Broker was virtually inactive in real trades
2 min read

SEBI unmasks 'Ponzi-like' scheme using broker licence; fund mobilisation crosses Rs 2,950 crore

SEBI order reveals a stock broking licence was used as a front for a Ponzi-like scheme, mobilising over Rs 2,950 crore with fake returns.

SEBI unmasks 'Ponzi-like' scheme using broker licence; fund mobilisation crosses Rs 2,950 crore
"The analysis of bank transactions also revealed extensive financial linkages between these entities and the personal accounts of the directors of the Noticee - SEBI order"

Mumbai, April 10

The Securities and Exchange Board of India 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.

- IANS

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Reader Comments

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Priya S
Nearly 3000 crore! 😱 That's a massive amount of hard-earned money from common people. The fact that they used a SEBI-registered broker's name to gain trust is the most dangerous part. How many more such licences are being misused? Regular audits of inactive brokers are a must.
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Rahul R
The crypto angle is interesting. They probably thought moving money into USDT would help them hide the trail. Good on SEBI for following that thread. But the question is, will the investors get their money back? That's the real test. The order is one thing, recovery is another.
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Sarah B
As someone new to investing in India, this is terrifying. You're told to only use SEBI-registered entities for safety, and then this happens. It erodes trust in the entire system. There needs to be much stronger due diligence before granting and renewing these licences.
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Aman W
Respectfully, while SEBI's investigation is good, it's reactive. A broker with only ₹43k in trades was clearly a shell. Proactive, tech-driven surveillance to flag such inactive but licensed entities should have caught this earlier. Prevention is better than cure, especially with 2950 crore at stake.
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Kavya N
This is why financial literacy is so important in our schools and colleges. People see "assured returns" and stop thinking. No legitimate investment can guarantee such high monthly payouts. Share this news with your family and friends, especially the elders who are often targeted. 🙏

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