Stock Market Trading Scam: Green Wall and iTrade Associates Collapse

The proprietary (prop) trading scam that first came to light in Surat earlier this year has now spilled over state borders, evolving into one of the largest unregulated prop funding collapses in recent times. The downfall of Green Wall Enterprises also known as Greenvol Enterprises, allegedly linked to Jainam Stock Broking, is now affecting dozens of traders and leveraged investors across multiple Indian cities.

From Surat to Noida: iTrade Associates Joins the Fallout

According to news reports, a Greater Noida-based firm, iTrade Associates, run by Darshan Joshi (popularly known as DJ), was closely associated with Green Wall. The firm has now reportedly collapsed, leaving an estimated ₹40 crore of investor funds stranded.

While this ₹40 crore figure could not be independently verified by Moneycontrol, iTrade Associates itself has lodged a victim complaint with the Surat Police, claiming ₹22.06 crore in losses. Market insiders note that additional funds may have been routed through informal, trust-based channels, transactions that rarely appear in formal complaints.

Network Spread Across Multiple Cities

DJ’s trading operations were said to have clients and exposure across Delhi NCR, Jaipur, Ranchi, Kolhapur, and other regions. Green Wall Enterprises, meanwhile, reportedly operated as an unofficial agent of Jainam Stock Broking, offering leveraged trading limits for prop traders.

However, under regulatory norms, such arrangements are not permitted outside the framework of an Authorised Person (AP), previously referred to as a sub-broker.

Sudden Disappearance Sparks Panic

In August, the abrupt disappearance of Green Wall’s key officials shocked the trading community. Many traders who dealt through the firm believed it to be an official branch of Jainam Stock Broking, as the company allegedly used Jainam’s branding, hoardings, and name in its operations.

Conclusion

The Green Wall–iTrade debacle has become a cautionary tale for India’s growing prop trading community, exposing the risks of unregulated leverage structures operating under the guise of legitimate brokerage partnerships. As investigations continue, traders and investors across the country are bracing for further revelations in what could be one of the most significant prop trading scams in recent memory.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions.

Investments in the securities market are subject to market risks, read all the related documents carefully before investing.