Broker licence, Ponzi game: Sebi cracks `2,950 cr scam

Mumbai: The Securities and Exchange Board of India (SEBI) has uncovered an alleged Ponzi-like operation that used a stock broking licence as a front, promising investors assured monthly returns of 10–12 per cent.

In an order against Trdez Investment Private Limited, SEBI said investors were misled into believing that entities such as Infinite Beacon, IB Prop Desk and Sispay TFS were linked to the Sebi-registered broker. Agents allegedly used this perceived association to gain credibility and persuade investors to transfer funds into accounts controlled by these entities.