Mumbai, April 10 (NationPress) The Securities and Exchange Board of India (SEBI) has revealed a scheme where a stock broking licence was supposedly exploited as a facade to operate a Ponzi-like scheme, enticing investors with guarantees of monthly returns between 10–12 per cent.

In an order directed at Trdez Investment Private Limited, the regulator indicated that investors were deceived into thinking that numerous entities—including Infinite Beacon, IB Prop Desk, and Sispay TFS—were affiliated with the SEBI-registered broker.

Agents allegedly utilized this connection to enhance credibility and persuade investors to deposit funds into bank accounts managed by these entities.

SEBI's findings showed that investors were given dashboards displaying fabricated profits, and initial withdrawals were allowed to establish trust.

However, as withdrawals became restricted, suspicions regarding the legitimacy of the operations intensified.

The investigation by the regulator unveiled significant connections between the broker and the linked entities.

It discovered that several directors of the brokerage were also partners or had ties to firms such as Trdez Financial Services and Infinite Beacon.

Financial transactions between the personal accounts of directors and these entities were noted, along with shared addresses, contact information, and domain connections, indicating a coordinated operation.

“The examination of banking transactions also uncovered extensive financial relationships between these entities and the personal accounts of the directors of the Noticee,” the SEBI order stated.

The order also highlighted transactions related to cryptocurrency, including USDT, based on statements collected during the investigation and complaints from investors.

One director reportedly confessed to participating in such transactions, while various complaints suggested that investor funds were funneled into crypto assets.

SEBI emphasized that the broker was effectively dormant in its primary business, executing trades amounting to only Rs 43,430 in its proprietary account and not conducting any client trades since its inception.

The shareholding structure exhibited multiple alterations over time, with individuals like Chetan Dhar, Gaurav Sukhdeve, and Yayati Mishra holding 10 per cent stakes each, whereas Rahul Kalokhe and Prasad Kulkarni held 20 per cent stakes each. Agast Mishra and Dhar later departed from the firm in 2025.

SEBI estimated that the total funds mobilized in connection with the entities surpassed Rs 2,950 crore.

While the precise profits accrued by the broker could not be determined from existing records, the regulator concluded that its actions facilitated a framework that enabled large-scale mobilization of funds under false pretenses.