A major financial fraud has come to light after India’s market regulator uncovered a scheme where a stock broking licence was allegedly used to run a large Ponzi-like operation.
The Securities and Exchange Board of India (SEBI) found that the scheme, linked to Trdez Investment Pvt Ltd, raised over ₹2,950 crore by offering fixed monthly returns of 10–12% to investors.
Investigations revealed that several entities, including Infinite Beacon, IB Prop Desk, and Sispay TFS, were projected as being connected to a registered broker to gain investor trust.
Agents allegedly used these associations to onboard investors and route funds into accounts controlled by these entities, instead of the authorised broking firm.
To sustain investor confidence, dashboards showing fake profits were provided. While initial withdrawals were permitted, later restrictions triggered doubts about the legitimacy of the scheme.
SEBI also found strong operational and financial links between the broker and related entities. These included common directors, shared contact details, and fund transfers between personal and company accounts.
The regulator flagged the use of cryptocurrency transactions, including USDT, which made tracking fund flows more complex.
Further findings indicated that the broking firm had very limited actual trading activity, suggesting its licence was mainly used to build credibility for the scheme.
The case raises concerns about how regulatory licences can be misused to attract investors and run fraudulent operations.
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