In a major regulatory crackdown, the Securities and Exchange Board of India (SEBI) has exposed a massive ₹2,950 crore Ponzi-like scam operated under the guise of a registered stockbroking license.
In an order issued on April 9, 2026, SEBI revealed that Trdez Investment Pvt Ltd allegedly misused its regulatory credentials to lure investors with promises of “assured” monthly returns ranging from 10% to 12%.
1. The Anatomy of the Scam
The scheme functioned by leveraging the credibility of a SEBI registration to deceive retail investors into believing their funds were being managed by professional traders.
- The “Front” Company: Trdez Investment, a SEBI-registered broker, was found to be largely inactive in actual stockbroking. It had executed no client trades and had a proprietary turnover of just ₹43,430 since inception.
- Shadow Entities: The funds were mobilized through a network of associated entities, including Infinite Beacon, IB Prop Desk, Trdez Financial Services, and Sispay TFS.
- The Hook: Investors were promised 10–12% fixed monthly returns—rates that are virtually impossible and illegal to “guarantee” in the Indian securities market.
- Fictitious Dashboards: To build trust, the group provided investors with digital dashboards showing fake profits. Initial withdrawals were permitted to encourage more significant investments before the “lockdown” phase began.
2. Operational Linkages & Misconduct
SEBI’s investigation highlighted deep-seated financial and operational rot within the firm:
- Commingling of Funds: Extensive financial linkages were discovered between the company’s bank accounts and the personal accounts of its directors. One director’s bank account reportedly recorded credits exceeding ₹247 crore.
- The Crypto Angle: The regulator found that investor funds were often diverted or converted into cryptocurrencies (specifically USDT) without consent. One director admitted to involvement in crypto-related transactions.
- Exchange Expulsion: Before the SEBI order, major exchanges—BSE, NSE, and MCX—had already expelled Trdez Investment in March 2026 for multiple defaults and code-of-conduct violations.
3. Key Figures & Scale
| Metric | Details |
| Total Fund Mobilization | ₹2,950 Crore+ |
| Promised Returns | 10% – 12% Monthly |
| SEBI Penalty | ₹1 Crore (on Trdez Investment) |
| Key Individuals | Chetan Dhar, Gaurav Sukhdeve, Yayati Mishra, Rahul Kalokhe, and Prasad Kulkarni. |
4. Regulatory Action: “Unfit to Operate”
SEBI has declared the firm “unfit” to operate as a market intermediary, citing a failure to maintain integrity and the deliberate misuse of its registration to facilitate fraud.
“The broker license appeared to have been used primarily to lend credibility to the fund mobilization activities of associated entities,” the SEBI order noted.
5. What This Means for You
As someone based in India who has been tracking record SIP inflows and IPO quotas, this case serves as a critical warning:
- The “Assured Return” Red Flag: Any entity promising fixed monthly returns of 8–12% in the stock market is almost certainly a scam. Under SEBI rules, brokers are strictly prohibited from guaranteeing returns.
- Check the Broker’s Activity: A registered license does not always mean an active or honest business. Verify the broker’s actual trading volume on exchange websites.
- Report Suspicious Activity: If you encounter schemes using dashboards with “guaranteed” daily or monthly gains, report them immediately to SEBI SCORES or the relevant exchange.
