Director admits running $180m Ponzi scheme that traded about 3% of funds
Courtenay House (Courtenay Trading) · Purported forex and futures trading scheme
The case in brief
Visible before detection
Checks that could have surfaced it, on hindsight
Bank credits vs books
Bank credits would show payouts matching new deposits, not trading profits.
Can mislead when: AA only sees the accounts the company links, so an undisclosed account stays invisible. Cash-heavy businesses and timing differences create false flags.
Operating-metric verification
Trading-account statements would show about 3% of funds traded.
Can mislead when: Contract staff do not appear in EPFO. Vahan access needs licensed APIs. Some businesses have no physical trace.
Regulatory & litigation records
Licence records would show no authority to deal.
Can mislead when: Court records lag and name spellings vary. A clean record can mean the problem has not reached court yet.
End-use tracing of funds
Investor funds would be traced to payouts rather than trading.
Can mislead when: Kubr sees only the company's own accounts. Once money reaches a third party's bank, Kubr can flag the payee but cannot see the next hop without that party's consent.
Where Kubr services would have helped
Valuation context
Offered in India- C8 Licence records would show no authority to deal.
Portfolio monitor
Offered in India- C1 Bank credits would show payouts matching new deposits, not trading profits.
- C8 Licence records would show no authority to deal.
- C10 Trading-account statements would show about 3% of funds traded.
Borrower monitor
Offered in India- C1 Bank credits would show payouts matching new deposits, not trading profits.
- C6 Investor funds would be traced to payouts rather than trading.
- C8 Licence records would show no authority to deal.
Proceeds tracer
Offered in India- C1 Bank credits would show payouts matching new deposits, not trading profits.
- C6 Investor funds would be traced to payouts rather than trading.
- C10 Trading-account statements would show about 3% of funds traded.
Mapped from the checks each service runs. A hindsight reading of public records, not a promise that the failure would have been found.
Same pattern
A summary of public documents. It reports what the sources say. It is not Kubr's finding and not a statement of guilt.