On April 9, 2026, SEBI’s Adjudicating Officer Jai Sebastian signed a 33-page order that ended Trdez Investment Private Limited. ₹1 Crore penalty.
Expelled from BSE, NSE, and MCX. Every exchange membership is gone.
But this order didn’t come out of nowhere.
We investigated this case. We filed the complaints. We collected the proofs. And for doing that, we received a ₹25 lakh legal notice, threatening emails, cyber crime complaints, and DMCA takedowns.
This is the full story, from our investigation in 2024 to SEBI’s order in 2026. Every finding in this order matched with the evidence we had collected months before SEBI acted.
What Was Trdez Investment?
Trdez Investment Private Limited was a SEBI-registered stockbroker. Registration number INZ000311938, effective from April 20, 2023. Member of BSE since April 2023.
NSE membership in the CM and FO segments from December 2024. On paper, it looked like any other broker.
But here’s what SEBI found: Trdez had never executed a single client trade. Not one. Since inception. 185 clients were registered on its platform, but zero trades were ever placed on their behalf.
The only trading activity was ₹43,430 worth of proprietary trades, essentially test transactions.
SEBI’s own conclusion, written in Para 25 of the order: the broker’s registration “appears to be used as a pivot to enter into an illegal money mobilising scheme and provide pseudo-legitimacy under the aegis of SEBI registration.”
The license wasn’t meant for trading. It was meant for show.
The Ponzi Behind the License: Infinite Beacon
While Trdez existed on paper as a broker, the real operation was happening through a web of partnership firms, primarily under the name Infinite Beacon.
Agents, over 300 of them, would approach investors across Pune, Ahmednagar, Akola, and surrounding areas in Maharashtra and Goa.
The pitch was simple: invest your money, earn 8 to 10 per cent monthly returns, and your funds are managed by a SEBI-registered stockbroker.
The name “Trdez” was used to add legitimacy.
Investors would deposit funds into private current accounts under names like Infinite Beacon Financial Services, IB Prop Desk Silver, Infinite Beacon Prop Desk Seven, and Sispay TFS.
They would receive a login to a dashboard at crm.infinitebeacon.com showing their deposited amount, profits, and withdrawal options.
It all looked real. But no actual trading was happening behind those dashboards.
For the latest updates, following the Infinite Beacon News became a necessity for thousands of trapped investors.
How We Got Involved?
In early 2024, we started receiving complaints from our YouTube subscribers about Infinite Beacon.
People were asking, is this real? Is this safe?
The promised returns sounded too good. The structure sounded familiar.
We decided to investigate firsthand.
We contacted one of Infinite Beacon’s agents, went through their onboarding process, and opened an account using an employee’s documents.
The KYC was shockingly lax, with no Aadhaar verification, incomplete bank proof, and yet the account was approved. We deposited ₹10,000 of our own money.
Within 10 days, the dashboard showed a 3.5% return. No trade had been executed anywhere. The money was simply sitting in their bank account, and the dashboard was showing fabricated profits.
That confirmed it. This was a Ponzi scheme.
We then went to the MCA website and cross-checked the directors of Trdez Investment and Infinite Beacon India Private Limited.
Three directors were common: Prasad Prakashrao Kulkarni, Rahul Shamrao Kalokhe, and Gaurav Devidas Sukhdeve.
The registered address of Trdez Financial Services was identical to Trdez Investment’s registered office, Flat No. 1003, Building M, Sarang, Nanded City, Pune.
The connection was clear.
The Complaints We Filed
On June 11, 2024, we filed a formal complaint on SEBI’s SCORES portal (Registration Number: SEBIE/PB24/ROPA/011583/1) against Trdez Investment Private Limited.
The complaint was categorised under “Stock Broker” with the nature of grievance listed as “Misappropriation of client’s funds/securities.”
Three days later, on June 14, we filed a dispute on BSE’s Smart ODR portal.
We wrote explicitly: “TRDEZ is operating a Ponzi Scheme under the name of Infinite Beacon in and around the city of Pune.
This scheme has been running for more than a year, and there is a high chance that the overall scheme has reached a fund value worth 4500 Crores.”
On June 19, 2024, we escalated the matter to the Prime Minister’s Office through the CPGRAMS portal (Registration Number: PMOPG/E/2024/0099959).
The complaint was received by the PMO, forwarded to the Government of Punjab, and acknowledged by the SSP SAS Nagar office.
Punjab Police confirmed receipt and recommended forwarding the matter to Pune/Maharashtra Police since the operation was based there.
In July 2025, we wrote directly to the SEBI Chairperson and other senior officials with full documentation.
Every door we could knock on, we knocked.
The Intimidation: Legal Notice, Threats, and DMCA
On May 31, 2024, before we had even filed our SEBI complaint, Navnath Jagannath Awatade, Director of Infinite Beacon, sent us a threatening email.
He accused us of fabricating Reddit posts, claimed to have filed a cyber crime complaint against us in Pune, threatened an FIR, and offered a settlement: delete everything and stay quiet, or face legal consequences.
On June 26, 2024, a formal legal notice arrived from Advocate Sagar R. Jadhav (Bombay High Court) on behalf of Infinite Beacon India Pvt. Ltd.
The notice demanded that we remove all content from YouTube, Twitter, Reddit, and every other platform, issue an unconditional apology, publish a corrigendum in four national newspapers, and pay ₹25,00,000 in damages. All within 7 days.
We did not comply. We continued investigating and publishing.
What makes this even more significant: SEBI’s order (Page 12, Para t) specifically notes that when Trdez was asked what steps it took against impersonation, it provided copies of three generic press releases (none of which named Infinite Beacon or any specific entity), a generic website disclaimer, and a cyber complaint filed, not against the entities impersonating it, but against us.
SEBI further observed that the mobile number and email ID used by the director to file that cyber complaint matched the KYC records of the very partnership firms that were collecting money from the public.
They didn’t file a single complaint against the impersonators. They filed a complaint against the person who exposed them.
What SEBI Found: The Numbers
This is where SEBI’s investigative powers revealed the true scale of this operation, far beyond what we could have accessed independently.
₹248 Crore in one director’s personal account. SEBI examined the bank statements of Agast Mishra, a director of Trdez (who resigned in April 2025, just months before the inspection).
Between January 2024 and November 2024, his personal account received ₹247.99 Crore in credits.
Of this, ₹215.40 Crore came directly from the Ponzi entities: IB Prop Desk Silver (₹74.05 Cr), Sispay TFS (₹66.35 Cr), Infinite Beacon Prop Desk Seven (₹59 Cr), Trdez Financial Services (₹7.10 Cr), Infinite Beacon Prop Desk Commodity (₹6.90 Cr), and Infinite Beacon Financial Services (₹2 Cr).
₹5.29 Crore distributed to other directors.
From Agast Mishra’s account, funds flowed to other Trdez directors: ₹2.65 Crore to Yayati Mishra, ₹1.04 Crore to Prasad Kulkarni, ₹70 Lakh to Rahul Kalokhe, ₹80 Lakh to Chetan Dhar, and ₹10 Lakh to Gaurav Sukhdeve.
₹2,959 Crore total turnover across 8 entities. SEBI examined bank statements of 8 partnership firms and LLPs connected to Trdez’s directors.
The combined credits across these entities totalled ₹2,959.08 Crore.
Infinite Beacon Financial Services alone accounted for ₹894 Crore. IB Prop Desk Silver: ₹480 Crore. Infinite Beacon Prop Desk Seven: ₹469 Crore. Sispay TFS: ₹393 Crore.
For context, in our PMO complaint filed in June 2024, we had estimated the scheme’s fund value at ₹4,500 Crore. SEBI’s figure of ₹2,959 Crore comes from sampled bank statements alone.
The actual number is likely higher.
The Web: 11 Connected Entities
SEBI mapped 11 interconnected entities created by Trdez’s directors and their associates. These included Trdez Investment itself (described in the order as the “main entity that was created to mislead investors”), Trdez Financial Services, Infinite Beacon Financial Services, IB Prop Desk Silver, Infinite Beacon Prop Desk Commodity, Infinite Beacon Prop Desk Seven, Sispay TFS, Sispay Finowealth India LLP, Sispay Trdez Ventures Private Limited, Codereal Tech Private Limited, and Infinite Beacon India Private Limited (described as “created solely to mislead the investors”).
We had identified 3 common directors during our investigation. SEBI found that 5 out of 7 Trdez directors were partners in Trdez Financial Services, including Managing Director Sachin Khadtare.
When SEBI initially asked Trdez about partnership firms, the response was: “None of the directors is involved in any partnership firms; they did not respond to our emails.”
Only when SEBI specifically asked about the Managing Director did the truth emerge.
One phone number: 7741970389, belonging to Navnath Awatade, appeared in the KYC records of almost every entity involved in the scheme.
The Timeline: Ponzi Before the License
SEBI’s chronology reveals that this was premeditated from day one.
Trdez was incorporated in July 2022. Trdez Financial Services, the partnership firm, was created in November 2022. A bank account was opened in December 2022, and money collection from the public began that same month.
The application for a SEBI stockbroker license was filed in February 2023. The license was granted in April 2023.
The Ponzi infrastructure was built and activated before the SEBI license even existed. The license was added later as a legitimacy layer.
After the license was obtained, more entities were created: Infinite Beacon Financial Services in July 2023, followed by three more partnership firms in October 2023. The web kept expanding.
SEBI also alleged that the broker itself may have been created using proceeds from the scheme, meaning Ponzi money funded the broker, and the broker’s name was then used to collect more Ponzi money. A circular fraud.
The Inspection: Ghost Offices and a Surprise Guest
In April 2025, NSE conducted mystery shopping. Trdez’s registered address turned out to be a residential flat. The correspondence office was not found at its listed location. Infinite Beacon’s registered address was also missing.
Of Trdez’s seven directors, only three answered NSE’s calls, the three who were common with Infinite Beacon, and they refused to share information without “a known reference from IBIPL.”
On July 23, 2025, SEBI, NSE, and BSE conducted a joint inspection at Trdez’s office in Pune. No directors were present despite prior notice. No active trading was underway.
When a video conference was arranged with Managing Director Sachin Khadtare, it was former director Agast Mishra who joined the call instead, despite having officially resigned three months earlier.
When asked about ₹248 Crore in transactions in his personal account, Agast stated that he dealt in cryptocurrency, receiving INR from Navnath Awatade and converting it to USDT.
The Vanishing Act
SEBI issued a Show Cause Notice on January 7, 2026. No reply was received. The notice sent by Speed Post was returned, “No such person in the address.”
Hearing was scheduled for March 13, 2026. Nobody appeared. SEBI ultimately served the notice by physically affixing it to three addresses in Pune.
As per SAT precedent, failure to respond to a Show Cause Notice or attend a hearing means the charges are presumed admitted.
Trdez never denied anything. They simply disappeared.
The Verdict
SEBI concluded that Trdez violated multiple provisions of the Stock Brokers Regulations, failing to maintain integrity, failing to exercise due skill and care, and facilitating a fraudulent and deceptive scheme.
Trdez and its directors were found not “fit and proper” to operate as a stock broker.
Penalty: ₹1,00,00,000 (One Crore Rupees). BSE expelled Trdez on March 20, 2026. NSE and MCX expelled it on March 23, 2026.
If the penalty is not paid within 45 days, SEBI will initiate recovery proceedings, including attachment of movable and immovable property.
Our Role in This Case
SEBI’s order references our name, Aseem Juneja, six times. Our YouTube channel “A Digital Blogger” is directly cited.
The investigation that triggered SEBI’s examination was initiated by an RTI application that specifically referenced our SCORES complaint and our YouTube videos.
We investigated this case starting in early 2024. We invested our own money to test the scheme. We collected proofs, bank account details, dashboard screenshots, director overlaps, investor testimonials, WhatsApp evidence, and agent meeting recordings.
We filed complaints with SEBI SCORES, BSE Smart ODR, the Prime Minister’s Office, and law enforcement.
In return, we received threatening emails, a ₹25 lakh legal notice, cyber crime complaints, and DMCA takedowns.
We did not stop.
SEBI’s 33-page order, with its bank statement analysis, KYC cross-referencing, physical inspections, and domain forensics, went far deeper than we ever could have.
They had the regulatory powers. They used them. And what they found was even bigger than we estimated.
But the starting point, the complaints, the proofs, the public pressure that came from this investigation.
What Should You Do If Your Money Is Stuck?
If you or someone you know invested through Infinite Beacon, IF Global, Trdez Financial Services, or any connected entity, take action now:
- File a complaint in SCORES.
- File a dispute on BSE Smart ODR.
- Report to Cyber Crime.
- File a complaint with the Economic Offences Wing of your local police
Do not stay silent. The more complaints on record, the stronger the case for recovery.
The full SEBI adjudication order (33 pages) can be accessed here: https://www.sebi.gov.in/enforcement/orders/apr-2026/adjudication-order-in-the-matter-of-trdez-investment-private-limited_100846.html
For assistance with fraud complaints: https://aseemjuneja.in
Watch our full investigation videos:
- Video 1 (August 2024): https://www.youtube.com
- Video 2 (July 2025): https://www.youtube.com
- Video 3 – SEBI Order Breakdown (April 2026): https://www.youtube.com
