Surat police are investigating a multi-crore financial scam involving a fraudulent share trading firm, Green Wall Enterprise, which allegedly duped over 54 investors and brokers of Rs4.84 crore. One of the firm’s owners, Hiren Jadav, was arrested on Sunday, while his partner, Nimit Shah, remains absconding.
According to police, Green Wall Enterprise posed as an intermediary acting on behalf of Jainam Broking Ltd, a legitimate stockbroking company. Victims say their trading accounts were frozen and funds were withheld without explanation, resulting in major financial losses.
The case came to light when Rutvij Kothari, a 27-year-old stockbroker based in Surat, filed a complaint after his account was suddenly deactivated on August 14. Kothari had been introduced to Jainam Broking Ltd through broker Manisha Patel in September 2024 and began working with Green Wall Enterprise as an agent in November 2024.
Under Green Wall’s scheme, investors were allowed to trade up to Rs50 lakh by placing a deposit of Rs5 lakh, with a promised monthly return of 6% to 18%. Over time, Kothari transferred Rs2.53 crore from 25 clients through Green Wall Enterprise to the Jainam platform.
After the account lockout, Kothari discovered that Nimit Shah was unreachable and other investors reported identical experiences. Another 29 investors had deposited Rs2.11 crore, bringing the total known fraud to Rs4.84 crore.
However, sources close to the investigation believe the scam may be much larger—potentially exceeding Rs50 crore, involving victims from Rajkot, Delhi, Mumbai, Surendranagar, and Ahmedabad.
The Detection of Crime Branch (DCB) has registered a case under charges of criminal breach of trust and criminal conspiracy, transferring the probe to the Economic Offences Cell. Police have appealed to all affected investors to step forward with details to support the ongoing investigation.
