Over 1,000 depositors say they were lured into TradeCred deals with promises of guaranteed 15-18% returns and zero-cost liquidity, and that more than Rs 100 crore has been stuck for over 1.5 years. This site sets out their evidence: emails, WhatsApp chats, a signed settlement, consent letters and court and police records.

Why are TradeCred depositors' deals stuck?

Depositors say that when borrower deals defaulted, they received assurances and then silence, and were later pushed to sign consent letters that shift liability to the borrower. See The Default and The Conspiracy pages.

Which borrowers are linked to the TradeCred deals?

The Borrower evidence page lists borrowers named in public records and news, including Smartpaddle Technology (Bizongo), Clensta International (now Quorvion), Mensa Brands, Hella Infra Market, Shree Nakoda Infrastructure, Odicea Distribution Technologies, Boutique Spirit Brands and J. B. Daruka Papers, with the cases and sources for each.

What can affected depositors do?

The Call to Action page lists what borrowers, affected depositors, others who were also cheated, and journalists, advocates and aware investors can do, including sharing information and documents.

The TradeCred Scam

Illustration: TradeCred says I have a scheme and dangles a 15-18% risk-free return like a carrot on a stick above a pile of boxes labelled festive offer, for limited time and only for you, while the unaware depositor thinks they will be richer quickly.

The scale of scam

1000+investors scammed
100Cr+money duped
>1.5 yearstimes since money stuck

Peels of layering

100k+circular transactions
20k+virtual bank accounts
5k+unregulated wallets

Evidence↓

The Inducement→

The Inducement

15% return Guaranteed Zero liquidations Exclusive Festive offer High net worth individual Only for you Secure alternative to FD Time sensitive False promise Fast money

Evidence↓

←Home The Default→

The Default

Late 2024 · “Technical glitch”

Staff call it “auto-renewal” and a “technical glitch”.
Dec 2024 – early 2025 · “Delay”

“Waiting on the vendor.” January maturities go unpaid and calls go unanswered.
2025 · “The borrower will pay”

Starting to shift the liability to the borrower. Repayment assured by end-April, then end-June.
2025 · “Only a facilitator”

TradeCred says the borrower defaulted and depositors should recover from them directly.

Evidence↓

←The Inducement The Admission→

The Admission

Four panels: a complaint to the authority, TradeCred promising to settle and pay back with interest, the depositor repaid within two weeks, and TradeCred realising the settlement is an admission of guilt

Evidence↓

←The Default The Conspiracy→

The next move

The Conspiracy

Comic: TradeCred thinks of keeping depositors' money, plans to target the borrower, shift the blame and weaponise the victim, then pressures a depositor who does not know the borrower to file an FIR against them

Evidence↓

←The Admission The Borrower→

Evidence · The Conspiracy

Sign, and give us authority to act on your behalf

How depositors were pushed to sign consent letters.

Sign and Give Consent

TradeCred sent depositors emails inviting them to eSign a “ConsentLetter”. WhatsApp texts followed: “re-invited”, “reminder”, “re-invited” again, over weeks.

Email invitation from TradeCred to eSign a consent letter

Phone messages repeatedly re-inviting the depositor to eSign the consent letter

Authorise to initiate legal proceeding

The authority letter to start criminal proceedings against the borrower and its directors, officers, auditors, shareholders, key managerial personnel and employees.

Consent letter clause 2: consent to initiate legal proceedings, key words highlighted

Consent letter clause 3: no guarantee or liability of TradeCred, key words highlighted

Screen recording of the eSign consent letter, page 1 of 3

Give consent for no liability of TradeCred

The consent letter to absolve itself from any liability and to shift entire liability to the borrower.

Refuse and you are on your own

TradeCred tells a depositor who refused: without consent and legal costs, its lawyers say it has no standing to recover money from the borrower.

TradeCred email telling a depositor who refused consent that its lawyers say it has no standing to recover money from the borrower

←The Conspiracy The Borrower→

The other side

The Borrower

Illustration: after a depositor filed an FIR and TradeCred had to settle, they decide to stop this, get depositors' consent for partial returns, use the depositors to blame the borrowers, and ask them to file FIRs against the borrowers for that partial return.

Retail depositors and corporate borrowers never meet, never speak, and never sign a contract with each other.

The depositor only interacted with TradeCred

#	Step	From → to	How often	What it means
1	MicroDeals ID generation	TradeCred → TradeCred	Deal-wise	A master deal is converted into many MicroDeals
2	Master Buy Agreement (MBA)	TradeCred → Depositor	One time	The mother agreement between TradeCred and the buyer
3	Top-up of the “wallet”	Depositor → TradeCred	Choice	Deposit to an Ikshavaku bank account, shown as “wallet”
4	Listing and sale of MicroDeals	TradeCred → Depositor	Deal-wise	Sold through the website and relationship managers
5	Deal report and risk report	TradeCred → Depositor	Deal-wise	Interest, risks and terms, as TradeCred offers them
6	Purchase of a MicroDeal	Depositor → TradeCred	Deal-wise	OTP confirmation. TradeCred moves the money from the individual “wallet” to a common “escrow”
7	Confirmation of Purchase	TradeCred → Depositor	Deal-wise	Acknowledges the purchase: amount, return, settlement date
8	Pre- or standard settlement	TradeCred → Depositor	At settlement	Net amount per the Confirmation, paid into the individual “wallet”
9	Withdrawal from the “wallet”	Depositor → TradeCred	Choice	From an Ikshavaku bank account to the depositor's own account

Across all nine steps, the depositor dealt only with TradeCred, never with the borrower. The depositor takes three steps (shaded): put money in, confirm by OTP, take money out. TradeCred runs the rest.

Evidence↓

←The Conspiracy The Crackdown→

Suppressing the voices

The Crackdown

Takedowns

Posts that caution other depositors regarding TradeCred go missing!!

Mass emails

TradeCred forces people to delete content, intimidating them via mass emails.

Defamation suit

Defamation suit against a depositor, with an ex-parte order.

Police complaints

Complaints filed against depositors to spread fear, abusing the judicial system.

Evidence↓

←The Borrower The TradeCred Universe→

Five people. Four companies.

The TradeCred Universe

Ikshavaku, Kimuro, Shimshon and JKR Platforms. The same five names recur in the filings.

FamilyShown as former on paper; depositors say still together

A Hardik and Kunal · B Hardik and Anurag · C Kunal and Anurag — shown as separated on paper; depositors say they still work together.

Hardik Paresh ShahFounder and CEO. Director of Ikshavaku and Kimuro.MCA record ↗

Pathik Paresh ShahDirector of Ikshavaku. Brother of Hardik.MCA record ↗

Paresh Mannubhai ShahFather of Hardik and Pathik. Linked to Shimshon, shown as former director.MCA record ↗

Kunal TekwaniCo-founder. Director of Shimshon and JKR Platforms. Shown as former on paper.MCA record ↗

Anurag SinghDirector of Shimshon and JKR Platforms. Shown as former on paper.MCA record ↗

Evidence↓

←The Crackdown Call to action→

Evidence · The Crackdown

In their own words

The defamation suits

TradeCred’s legal team says it sued a few users in the Bangalore High Court. Then it emailed everyone else: delete your posts.

TradeCred legal email warning users to delete all negative content, citing a defamation suit and court orders, with attachments named Depositor 1 and Depositor 2 — “Final Reminder and Warning to Delete all Negative Content/Posts”. The court orders it attaches are named for two depositors, shown here as Depositor 1 and Depositor 2. Names, address and dates blacked out.

Follow-up email from TradeCred legal demanding written proof of deletion within 24 hours and threatening a suit for approximately INR 50 lacs — The follow-up: “You are the only one who has not deleted the same.” Proof of compliance in 24 hours, or a suit for “Approximately INR 50 Lacs”. Date blacked out.

Looking for each other

A son asks if any investor group exists. Strangers reply. Later, comments show [deleted].

Reddit post asking for groups of affected investors in TradeCred; names redacted — Reddit post asking for an investor group. Username, community and the borrower's name are blacked out.

Replies to the post offering to form an action group; usernames redacted — Replies: “Please DM me if you want to form a whatsapp telegram action group.” “+1 … add me in.” Usernames blacked out.

Two Reddit comments showing [deleted] as the author, one asking to connect offline — Two comments whose authors show as [deleted]. The borrower's name is blacked out.

Warning strangers

The warnings were there first, and describe the same signature pattern.

A long Reddit warning post about TradeCred listing liquidity delays, auto-renewal and lack of regulatory protection; username and borrower redacted — A long warning post. Username and the borrower's name are blacked out. Highlighting is the original reader's.

Two Reddit comments warning against investing in TradeCred and describing a relationship manager collecting signatures; usernames redacted — “One rm will call and take your sign stating they need that to file case against the defaulter. But then they also get your sign to state that they are not responsible for the money.” Usernames blacked out.

Afraid to speak

Commenters say people are threatened to stay quiet and were forced to sign.

LinkedIn comments: one says many individuals are getting threats to keep their mouths shut; another says they were forced to sign a consent form; names, photos and employers redacted — LinkedIn comments, written as posted: “many individuals are getting threat to keep their mouth shut or else they will take legal action.” “i was also forced by TradeCred to sign the consent form.” Names, photos and employers blacked out.

The pattern

Two charts: public complaints and threads rising from 3 to 38 while documented gag notices, waivers and redactions rise from 0 to 22 between 2021 and 2026; and platform ratings, with Trustpilot at 2.2 out of 5 and 0 percent of Voxya and Moneylife complaints resolved

Where it shows up

Where	What was reported	Sources
LinkedIn, X & Facebook	Legal notices served on investors who posted about stuck funds.	The Morning Context
Consent form (Leegality)	Liability waiver plus a bar on mentioning the matter on social media.	Apple App Store, YouTube screen-share, Google Play
YouTube videos	Promo video scrubbed; an investor video reported taken down.	r/IndianStreetBets thread
App & dashboard	Defaulted deal hidden from view; portfolio access blocked.	Moneylife, Voxya complaint
Police complaints	Complaints against depositors in Bengaluru and Mumbai.	Bombay HC judgment, NCLT order
Review sites	Trustpilot profile claimed Oct 2025; rated 2.2 out of 5, no replies to negative reviews.	Trustpilot

←The Crackdown The TradeCred Universe→

Evidence · The TradeCred Scam

How Depositors were hooked

An email, a chat and a sworn account.

The Enticement

TradeCred’s email and relationship manager chat enticing the depositor with 14% return and playing down another depositor’s concern about risk.

TradeCred email enticing a depositor with a 14 percent Diwali deal

WhatsApp chat in which a relationship manager plays down a depositor's concern about risk

The Persuasion

“Guaranteed” returns, “zero cost liquidity” and pressure to invest within hours.

Depositor statement: a TradeCred representative offered a guaranteed 15 percent Net IRR deal

Depositor statement: the relationship manager and co-founder assured zero cost liquidity and pushed to invest within hours

←The TradeCred Scam The Inducement→

Evidence · The Inducement

How they got in

Their own website, videos and offers.

The Influencing

YouTube, 14 Oct 2026: “Low Risk High Return” (307K views) and a video with TradeCred’s co-founder (230K views). Did the creators know of the wrongdoing?

YouTube search results for tradecred alternative investment, showing Low Risk High Return videos

The Active Solicitation

Navratri offer: ₹50,000 earns 13.50%, ₹1,00,000 earns 13.75%, ₹1,50,000 earns 14.00%. Relationship manager, Nov 2024: “Net IRR 15% and above”.

TradeCred's verified WhatsApp account: Navratri offer with ticket size against annualised return

WhatsApp message from a TradeCred relationship manager offering Net IRR 15 percent and above

The Final Promise

TradeCred email taking full ownership of the risk and promising zero cost liquidity.

TradeCred’s Diwali offer: using the borrower’s credentials to lure the depositor in with a promise of guaranteed returns.

TradeCred emails promising a corporate guarantee and zero cost liquidation

TradeCred WhatsApp Diwali offer: Net IRR 15-18 percent

←The Inducement The Default→

Evidence · The Default

Assurances followed by Deep Silence

What depositors were told once the money stopped.

The Reassurances

“Any risk??” — “No sir. It just has been delayed by the vendor.” A 120-day deal that “will get auto renewed on the maturity”. No completion date on the deal.

TradeCred’s email: manipulating to shift the liability to the borrower. Showing fake support through a namesake trustee which is just another hand-in-glove related party.

Two WhatsApp chats with a relationship manager and a TradeCred email about repayment by 30 June 2025

The Depositor’s Confrontation

The depositor says the manager sold already settled deals as liquidatable. The reply: “It hasn’t defaulted sir. The repayment has been delayed.”

Chat export between a depositor and a TradeCred manager over overdue deals

The Depositor’s Confrontation

From a depositor’s statement: the family met the director at a new address. The Director put the entire blame on the borrower while the borrower never received this money in the first place.

Extract from a depositor statement about a meeting with a company director

←The Default The Admission→

Evidence · The Admission

The FIR and the settlement

One document, summarised and anonymised.

The signed settlement

Settlement schedule listing unliquidated invoices, with identifying columns blacked out

Settlement payment schedule with recipients, bank details and amounts blacked out

Final page of the settlement with clause 5 and the signature block, signatures and notary details blacked out

←The Admission The Conspiracy→

Evidence · The TradeCred Universe

Evidence for this page

The licences TradeCred needed, and the public registers where depositors found none.

The group

Entity	Registered office	Role	Record
Ikshavaku Software Ventures India Pvt Ltd CIN U74999MH2018PTC309796	703 and 704, Midas Sahar Plaza, Building No. 1, M.V. Road, Near Kohinoor Continental, Andheri (East), Mumbai 400059	Mother company. Owns and runs tradecred.com. “Wallet” money went into its bank account.	MCA record
Shimshon Advisory Pvt Ltd CIN U74110MH2020PTC348401	601, Gayatri CHS Ltd, Jayraj Nagar, Vazira Naka, Borivali West, Mumbai 400092	Owns and operates the “escrow accounts” (Yes Bank).	MCA record
Credas Trusteeship Service Pvt Ltd CIN U74999MH2020PTC348484	410, Bhaveshwar Arcade Annexe, Opp. Shreyas Cinema, L.B.S. Marg, Ghatkopar (West), Mumbai 400086	Presented as the trustee over depositors’ money. Not a SEBI-registered debenture trustee.	—
Kimuro Solutions (OPC) Pvt Ltd CIN U51909MH2019OPC325658	Flat No. 1801, Plot No. 40, 42 and 43, Sector 15, Ghansoli, Navi Mumbai 400701	Sister concern owned by the promoter.	MCA record
JKR Platforms LLP LLPIN ABA-1125	Flat No. A, Plot No. 5/3, Ramappa Nagar, 2nd Cross Street, Perungudi, Chennai 600096	Sister company running incomebazaar.com.	MCA record

Records link to Zauba Corp’s copy of public MCA filings.

The trustee that is not a trustee

Credas is presented as the trustee looking after the money. It is not a SEBI-registered debenture trustee. Yet insolvency records show it as the applicant that took an infrastructure company into insolvency in December 2023.

A second platform

JKR Platforms LLP runs incomebazaar.com. It presents as a separate platform but runs on TradeCred’s systems with the same team.

Who should have been watching

TradeCred’s business falls under eight regulated mechanisms: five with RBI and three with SEBI. Depositors checked the official lists against every group entity (RBI NBFC list 10 April 2026; RBI payment systems 27 May 2026; SEBI 28 May 2026).

RBI · 5

SEBI · 3

What TradeCred does	Facing	Instrument	Regulator	The law	Licence
Invoice discounting	Seller	NBFC-Factor	RBI (NBFC)	Factoring Regulation Act 2011	NOT FOUND
Invoice discounting	Seller	Trade Receivables Discounting System (TReDS)	RBI (Payment and Settlement)	Payment and Settlement Systems Act 2007	NOT FOUND
Peer-to-peer lending	Depositors	NBFC-P2P	RBI (NBFC)	—	NOT FOUND
Wallet operations	Depositors	Prepaid Payment Instrument (PPI)	RBI (Payment and Settlement)	—	NOT FOUND
Payment aggregation	Depositors	Payment Aggregator	RBI (Payment and Settlement)	—	NOT FOUND
Pooling and managing depositor funds	Depositors	Collective Investment Scheme	SEBI (CIS)	SEBI CIS Regulations 1999	NOT FOUND
Venture debt and investment in startups	Seller	Alternative Investment Fund	SEBI (AIF)	SEBI AIF Regulations 2012	NOT FOUND
Trusteeship	Depositors	Debenture trusteeship	SEBI (Debenture Trusteeship)	SEBI Debenture Trustees Regulations 1993	NOT FOUND

←The TradeCred Universe Call to action→

Evidence · The Borrower

Master summary of borrower deals, claims & court records

The borrowers whose money TradeCred never paid back

Borrower entity	Publicly announced deal / facility	Disputed / defaulted amount in records	Key court / police / regulatory case & status	Primary verified sources
Mensa Brand Technologies Pvt. Ltd. (Mensa Brands)	₹300 Cr ($36.3M–$37M) debt facility (Feb 7, 2023)	₹0.00 lakh overdue in Dec 2025 Deal Report (₹10.91 Cr settled 100% on time); depositors allege unauthorized retail deal pitches (internal documents)	Internal Deal Report IID24122025013 confirms 100% timely settlement by Mensa despite depositor complaints of stuck funds	ETRetail, VCCircle, Scribd Deal Report
Hella Infra Market Ltd. (Infra.Market)	Institutional investment by Shimshon Advisory; retail invoice deals pitched on IPO hopes	Multiple retail investor principal balances overdue (May–Oct 2026)	TradeCred served Event of Default notice warning investors NCLT / Sec. 138 NI Act recovery will take ~24 months	Tracxn Cap Table, Reddit r/IndiaFinance
Smartpaddle Technology Pvt. Ltd. (Bizongo)	₹256 Cr raised (Aug 2024–Apr 2025); ₹1,309.69 Cr total received vs. ₹1,349.55 Cr claimed repaid	₹69 Cr–₹124 Cr disputed; ₹26.87 Cr frozen by EOW; ₹21 Cr double-discounting in Oct 2025 audit	FIR No. 387/2025 (Shillegaon PS / EOW Sambhajinagar, TradeCred co-accused); Thane EOW Preliminary Inquiry No. 277/2025 (closed, “Filed in Records”, Oct 13, 2025; see records below); Mumbai EOW complaint; Sakinaka PS arrest of Nainish Shah	Economic Times, NDTV Profit, The Morning Context
Clensta International Pvt. Ltd. (now Quorvion Pvt. Ltd.)	₹75 Cr ($9M) pre-Series B debt & equity led by TradeCred (July 11, 2023)	₹18.57 Cr claimed by Shimshon Advisory (after Dec 18, 2024 ₹16.24 Cr setoff settlement)	NCLT New Delhi C.P. (IB)-159(ND)/2025 — Dismissed Nov 14, 2025 (held settlement breach is not financial debt; funds routed via Ikshavaku, not Shimshon)	Business Standard, NCLT Order PDF, IBC Laws
Shree Nakoda Infrastructure Pvt. Ltd. & Jain Engineering	₹5 Cr tripartite loan from Kimuro Solutions (OPC) (Sept 22, 2021)	₹5.43 Cr claimed in default (18% p.a. + 2% monthly penal interest)	NCLT Mumbai CP (IB) No. 348/MB/2023 — Admitted to CIRP Dec 19, 2023 on plea of Credas Trusteeship; settled & withdrawn March 4, 2024	NCLT Admission PDF, CourtKutchehry, IBBI
Odicea Distribution Technologies Pvt. Ltd. (1K Kirana Bazaar)	₹23.87 Cr disbursed across 1,106 invoice transactions on TradeCred	₹7.21 Cr in default (after ₹11.21 Cr partial repayment)	NCLT New Delhi C.P. (IB) No. 179/ND/2025 — Split verdict Sept 12, 2025; Third Member held petition by Credas Trusteeship maintainable on April 2, 2026	IBC Laws Third Member Order, NCLT Split Verdict PDF
Boutique Spirit Brands Pvt. Ltd. (Guarantor: Rahul Gagerna)	₹80 Cr round (₹60 Cr debt from TradeCred, Sept 2021); ₹40 Cr invoices discounted	₹55.96 Cr outstanding (after invoking ₹17.32 Cr in pledged shares)	NCLT New Delhi IB-259/ND/2024 — Sec. 95 personal insolvency filed by Ikshavaku Software Ventures admitted against Rahul Gagerna in Oct 2026	ETRetail, LatestLaws, NCLT Order PDF
J. B. Daruka Papers Ltd.	Onboarded May 2025 (IIC02052025001)	Default subject to Sec. 7 IBC proceeding	NCLT Allahabad Bench (Credas Trusteeship v. J.B. Daruka Papers Ltd. & 6 Ors.), listed Nov 4, 2026	NCLT Allahabad Cause List PDF, Scribd Report