Surat Investors Duped of Rs.4.84 Crore in Jainam Broking Linked Scam
“I trusted them because they claimed to be working through Jainam Broking. My clients and I believed our money was safe. Now everything is gone,” said a broker who introduced 25 clients into the scheme.
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Surat | Gujarat — Trust turned into betrayal for more than 50 investors who collectively lost ₹4.84 crore in a major share trading scam in Surat, allegedly linked to Jainam Broking Ltd through an unauthorized operator. The racket, run under the banner of Green Wall Enterprise, has sent shockwaves across Gujarat’s trading community.
Police arrested Hiren Jadav, one of the key accused, on Sunday, while his partner Nimit Shah remains absconding. The case has been handed over to the Economic Offences Cell (EOC), with investigators suspecting the total scam amount could cross ₹50 crore.
“I trusted them because they claimed to be working through Jainam Broking. My clients and I believed our money was safe. Now everything is gone,” said a broker who introduced 25 clients into the scheme.
How the Fraud Unfolded
Investigations reveal that Green Wall Enterprise lured investors with an irresistible offer — the chance to trade ₹50 lakh against a deposit of just ₹5 lakh, along with monthly interest payouts between 6% and 18%.
Initially, payments were made on time, creating a false sense of credibility. Many brokers, including Rutvij Kothari, began recommending the scheme. Between November 2024 and August 2025, Kothari’s clients transferred ₹2.53 crore, while 29 other investors deposited an additional ₹2.11 crore.
The fraud came crashing down on August 14, 2025, when investors suddenly lost access to their accounts. Calls to Nimit Shah went unanswered, and panic spread as funds disappeared. The accused allegedly blocked trading accounts and defaulted on both interest and deposits.
“It was a classic Ponzi trap. Early payments built confidence, and then the masterminds vanished with crores,” explained a senior EOC officer.
Police Action and Nationwide Impact
Following multiple complaints, Surat police registered cases of criminal breach of trust and conspiracy. With Jadav in custody, investigators are mapping money trails, while teams search for Shah, who is believed to be hiding outside Gujarat.
Police have also appealed to investors from Mumbai, Delhi, Rajkot, Ahmedabad, and Surendranagar to come forward. Early estimates suggest that losses could run into tens of crores nationwide.
“This is not just a Surat-centric scam. We have leads indicating similar fraudulent activities in multiple cities,” said a senior police officer.
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