Mumbai: The Securities and Exchange Board of India (SEBI) has uncovered a major financial scam involving an alleged misuse of a broking licence by Trdez Investment Pvt Ltd, which is accused of operating an investment scheme worth approximately ₹2,950 crore. According to the regulator, the entire structure functioned like a Ponzi-style arrangement, luring investors with promises of unusually high fixed monthly returns.
In its order issued on April 9, 2026, SEBI stated that the company created multiple associated entities alongside its broking operations, including Infinite Beacon, IB Prop Desk, and Sispay TFS. These entities were presented as being linked to the SEBI-registered broker, which helped build credibility and attract a large pool of investors.
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The investigation revealed that agents allegedly promised assured monthly returns of 10% to 12%, a rate that is completely inconsistent with legitimate market-linked investments. In the initial phase, some investors were reportedly allowed partial withdrawals, which created an illusion of legitimacy and profitability. However, withdrawals were later restricted, leaving investors exposed to significant losses.
SEBI further noted that investor funds were not routed through proper broking accounts but were instead diverted into bank accounts of the associated entities. In several instances, investors were shown fabricated dashboards displaying artificial profits, which encouraged them to continue investing larger amounts.
The regulator also found that several directors of Trdez Investment Pvt Ltd were involved in related companies. Evidence of financial transactions between personal accounts of these directors and associated entities was also identified. Additionally, multiple companies were found operating from shared addresses and using common contact details, indicating a closely connected and structured network.
SEBI has also indicated the possible involvement of cryptocurrency transactions in the scheme. Statements from investors suggest that funds were converted into digital assets such as USDT to obscure transaction trails. One of the directors is also reported to have admitted involvement in crypto-related dealings.
According to the findings, the broking firm itself was largely inactive, with negligible client trading activity and minimal proprietary trades. Despite this, the network managed to mobilise funds from thousands of investors through its associated entities and agents, with total collections exceeding ₹2,950 crore.
The investigation further revealed the presence of a widespread agent network operating across multiple cities. These agents allegedly conducted seminars, online meetings, and social media campaigns to attract investors. Many individuals were reportedly assured that the scheme was fully backed by a SEBI-registered broking system, which helped build trust among participants.
SEBI stated that such misuse of regulatory credentials weakens investor confidence and undermines the integrity of the financial markets. It warned that schemes offering guaranteed high returns often operate by initially showing small payouts to build trust, followed by withdrawal restrictions once large sums are collected.
The regulator has advised investors to remain cautious of any investment schemes offering fixed high monthly returns, emphasizing that such promises are typically unrealistic and potentially fraudulent in nature.
