The Surat-based Green Wall Enterprises scam has taken a nationwide turn, with the total losses now estimated to exceed ₹150 crore. The fallout has affected leveraged traders across cities, including NCR, Jaipur, Ranchi, and Kolhapur. What initially appeared to be a small-scale issue of around ₹5 crore has now turned into a large-scale crisis within India’s prop trading ecosystem.

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Green Wall’s Disappearance Sparks Panic Key Players and Victims Speak Out How the Scam Unfolded?Expanding Losses and Industry Concerns

Green Wall’s Disappearance Sparks Panic

In August, the sudden disappearance of Green Wall Enterprises’ key persons — Nimit Shah and Hiren Jadav — left traders shocked. Many traders believed Green Wall was a branch or associated entity of Jainam Broking Ltd due to its branding and hoardings.

However, Jainam Broking swiftly issued a clarification denying any association with Green Wall. In an email response, the company stated:

“Green Wall Enterprises was not our agent. Green Wall is not associated with us in any manner, and no transaction was done with them. Since there is no relationship between Green Wall and Jainam Broking Ltd, we are not responsible for any transaction done with Green Wall, iTrade Associates, or Darshan Joshi.”
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Key Players and Victims Speak Out

Moneycontrol reached out to Darshan Joshi (alias DJ) of iTrade Associates and iTrade Capital, who claimed he is also a victim of the scam. Joshi said he is in touch with affected investors and has filed a complaint with the Surat Police, with another FIR being filed in Noida.

Meanwhile, one of the victims, Krishan Yadav, a former merchant navy captain, explained how the trading model worked. According to him, iTrade Associates arranged F&O trading terminals and collected margin money on behalf of Green Wall. The funds were allegedly routed through DB Wealth and Ashapura Commodities to Jainam Stock Broking, though Jainam denied any involvement.

Yadav revealed, “I invested all my life savings there, but now not only my capital is gone, even my trading income stream has disappeared.”

How the Scam Unfolded?

After the collapse of Green Wall Enterprises on August 14, trading terminals were suddenly disabled, blocking traders from executing or closing their positions. The disappearance of Shah and Jadav left hundreds of investors stranded. Following multiple complaints, FIRs were registered, and one of the key accused, Hiren Jadav, was arrested. However, Nimit Shah remains absconding.

Expanding Losses and Industry Concerns

While the scam was initially pegged at ₹5 crore, industry insiders now estimate losses around ₹150 crore. Many affected traders reportedly transferred funds informally, in cash or personal accounts, making recovery and investigation more complex.

Some market sources suggest that a few victims might have been quietly compensated by broking intermediaries, although there is no official confirmation. Such informal practices are reportedly common across smaller trading networks.

Regulatory Questions and SEBI’s Role

The growing scale of this scam raises serious regulatory concerns. Experts question whether such models exploit grey areas in trading regulations or simply reflect blatant disregard for market laws. Despite SEBI’s frequent inspections and penalties on brokers, incidents like this suggest that loopholes still exist.

The Economic Offences Wing (EOW) of Surat Police continues to investigate the case. More stories are expected to emerge as authorities dig deeper into the misuse of “prop trading” setups operating outside regulatory oversight.

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