Invoice‑discounting platform TradeCred is facing serious investor backlash and ₹69 crore in alleged fraud claims tied to a delayed Bizongo invoice deal. Investors assert that TradeCred, run by founders Hardik Shah and Kunal Tekwani, deliberately directed funds into Bizongo-backed deals with inflated returns, then hid these from the platform’s secondary marketplace to prevent investor exits . According to scathing reviews on Trustpilot, the company sold already overdue Bizongo receivables as fresh investments and falsely promised repayment by June 30, 2025—none of which materialized . Many claim to have lost lakhs, with some alleging fraud worth up to ₹90 crore . TradeCred has also been accused of a parallel data leak tied to another venture, Income Bazaar . The disgruntled investors—primarily HNIs—are now exploring legal recourse, citing RBI oversight or collective action to recover their funds .

The bust has ignited scrutiny of the invoice discounting industry’s regulatory sandbox, highlighting frequent opacity, conflicts of interest, and weak investor protections.

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