A big scam running in the name of stock market is now slowly spreading across the country. This prop trading scam, which started from Surat, has broken the backs of thousands of retail investors and traders. According to the exclusive report of Moneycontrol, initially this matter seemed to be only Rs 5 crore, but now the loss has reached more than Rs 150 crore.
People of many cities like Surat, Noida, Delhi NCR, Jaipur, Ranchi, Kolhapur have been affected by this prop trading case. Investors are in search of justice after losing money. This is proving to be the biggest irregular trading scam in recent years.
How did the prop trading scam start?
Green Wall Enterprises, also known as Greenwall Enterprises, was working as an alleged agent of Jainam Stock Broking. But the rules are clear that a broker can give limits and onboarding to clients only through a registered authorized person i.e. AP. Green Wall provided trading terminals, high leverage and limits to people in the name of prop trading in an unauthorized manner. People thought that this was a branch of Jainam, so they trusted and invested their money. But suddenly in August 2025, the owner of the Green Wall disappeared. Trading terminals closed on August 14, accounts frozen. That’s it, I got a shock.
This scam spread across the country
A company named iTrade Associates associated with Green Wall, which was run by Darshan Joshi alias DJ in Greater Noida, was adopting the same wrong approach. Market people say that money worth Rs 40 crore got stuck in this firm alone. But in the complaint given to Surat Police, the DJ claimed Rs 22.06 crore. Because many investors had given money on trust, in cash or without paper.
Documented records are less, but the actual loss is huge. DJ’s clients were spread across NCR, Jaipur, Ranchi, Kolhapur. Krishna Yadav, who is a former merchant navy captain, while narrating his ordeal told Moneycontrol that – ‘I spent my entire life’s earnings. The capital is gone and the income from trading is also gone. Now there is nothing left. He was told that the margin money goes from Green Wall to Jainam through DB Wealth and Ashapura Commodities. But Jainam clearly said in the email that it has nothing to do with the Green Wall. No agents, no dealings. That means all the people who were giving money considering it to be an extension of Jainam, were cheated.
two people arrested
The DJ also declared himself a victim of this scam. He said that I am with all the investors. He complained to Surat police, and is going to lodge an FIR in Noida. He is trying his best to bring back the money, but the truth is that the amount has now increased from the initial Rs 5 crore to more than Rs 150 crore. Many people are silent out of embarrassment or fear. Some are thinking that the broker will settle secretly, but there is no confirmation of this. Now talking about arrest and investigation, the main accused are Nitin Shah and Hiren Jadav. Hiren has been arrested, Nitin is still absconding and the Economic Offenses Wing i.e. EOW of Surat Police is investigating.
