A massive unregulated trading scam, originating in Surat, has now sent shockwaves across the country. According to an exclusive report, what began as a small-scale “prop trading” fraud has ballooned into one of India’s largest unregulated market scams, with total investor losses estimated to have crossed ₹150 crore.
The fallout spans multiple cities — including Surat, Noida, Delhi NCR, Jaipur, Ranchi, and Kolhapur — where retail investors and day traders are now demanding justice after losing their life savings.
The Beginning: The Green Wall Enterprise Model
The scandal traces back to a firm called Green Wall Enterprises (also known as Greenvol Enterprises), which allegedly operated as an agent for Jainam Stock Broking.
Under SEBI regulations, a broker can offer client onboarding and trading limits only through registered authorised persons (APs). However, Green Wall bypassed this framework and enticed traders into a high-leverage, high-return “prop trading” model, operating entirely outside the authorised system.
In August 2025, the firm’s key operators suddenly vanished, trading terminals were shut down, and investors’ accounts were frozen — marking the collapse of the operation.
Noida Link: The iTrade Associates Connection
The scheme expanded further through iTrade Associates, a Greater Noida–based firm led by Darshan Joshi (DJ).
Like Green Wall, iTrade collected funds from investors and provided trading limits in return.
Market sources estimate losses of up to ₹40 crore from this branch alone, though official police complaints cite ₹22.06 crore.
Experts believe the real number could be much higher, as many investors had invested cash or informal “trust-based” contributions without written records.
Investors’ Voices: ‘Everything Is Gone’
One of the victims, Captain Krishna Yadav (Retd.), a former Merchant Navy officer, recounted his ordeal:
“I invested my life’s savings. Now I’ve lost both my capital and my income source. I have nothing left.”
Yadav said he was told that his margin money moved through intermediaries — Green Wall, DB Wealth, and Ashapura Commodities — to reach Jainam Stock Broking.
However, Jainam categorically denied any link with Green Wall. In an official email statement, the company clarified:
“We have no relationship or transactions with Green Wall Enterprises. They are neither our agents nor connected to us in any capacity.”
This statement confirmed that investors were dealing with an entity not officially associated with Jainam, despite believing otherwise.
Arrests, Accused, and the Investigation
The case is now under investigation by the Economic Offences Wing (EOW) of the Surat Police.
Key accused Hiren Jadav has been arrested, while Nitin Shah remains absconding.
All trading terminals linked to the scam were shut down on 14 August 2025, as the fraud unraveled.
True Scale of the Scam: Over ₹150 Crore and Counting
Initially pegged at around ₹5 crore, the estimated loss has now crossed ₹150 crore, according to market insiders.
Many victims have refrained from filing complaints — some due to social stigma, others hoping for a private settlement.
There are also reports of investors expecting quiet compensation from certain brokers, though no official confirmation has been made.
Regulatory Lapses and the Bigger Question
The scandal raises serious concerns about grey areas in India’s brokerage ecosystem.
Experts point out:
- Investors often lack a proper understanding of leverage and “prop trading” risks.
- Unregistered trading setups are proliferating faster than regulators can monitor.
- Loopholes in the system are being exploited by operators who know exactly where enforcement is weakest.
While SEBI and stock exchanges conduct periodic crackdowns, this case exposes how sophisticated scams can still slip through cracks in the regulatory fabric.
Investor Lessons: Avoid the Trap
- 1. Stay away from unregistered trading models, no matter how attractive the returns.
- 2. Always verify SEBI registration details of brokers and authorised persons.
- 3. Never transfer money to personal or unofficial accounts.
- 4. Remember — “trust-based trading” is not a business model, it’s a red flag.
This is not just another financial fraud — it’s a reflection of how greed, ignorance, and regulatory gaps combine to endanger small investors.
On paper, the scheme promised extraordinary returns. In reality, it has wiped out the capital, confidence, and livelihoods of hundreds of retail traders across India.
