Cyberabad police probe two Hyderabad firms over fraud allegations (Representative image)
HYDERABAD: What began as a complaint by a retired Navy Commodore alleging a fraud of Rs 4.5 crore has now widened into one of Cyberabad police’s biggest investment scam investigations. Police suspect that nearly 7,400 investors from across the country may have invested more than Rs 600 crore in two Hyderabad-based companies that allegedly lured people with promises of unusually high returns. The Cyberabad Economic Offences Wing (EOW) is investigating city-based companies Shares Bazaar Pvt Ltd (SBPL) and Kisaan Parivaar Ltd (KPL), along with their directors and senior executives, for allegedly cheating investors by promising returns ranging from 18% to 48%. So far, more than 500 victims have approached the EOW, reporting losses exceeding Rs 70 crore. However, police have informed courts that nearly 7,400 people from different parts of the country invested around Rs 670 crore in the two companies.
At least 12 ex-servicemen from different states are among the identified victims. The main cheating case was registered on June 15 following a complaint by a 58-year-old retired Navy Commodore from Mokila in Hyderabad. He alleged that he and 10 others were cheated of 4.51 crore by Nanavath Bhupal Naik, his wife Rajani Nanavath, his sister Anusha Nanavath, his uncle Nanavath Babu Naik, Prasanna Atluri, Rambabu Dantu and NS Shanker Rao, who were associated with SBPL and KPL. Police said the accused began collecting deposits through the two companies in 2020, with collections witnessing a sharp rise during the 2022-23 and 2023-24 financial years. However, the payouts and repayment of principal amounts stopped from Oct 2025, an investigator said. The second case was registered on July 31 following a complaint by a 77-year-old retired Air Force Wing Commander from Secunderabad, who alleged that the accused had cheated his family of more than 48 lakh through investments in KPL. More recently, a cheating case registered at Gachibowli on April 4 was transferred to the EOW. In this case, a businessman alleged that he was duped of 50 lakh after investing in SBPL.
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Three criminal cases have been registered against the accused so far, according to Cyberabad police. The promoter, Bhupal Naik, and other directors allegedly collected deposits for SBPL by projecting it as a SEBI-registered, algorithm-based stock trading firm, according to police. Police sources said five accused have been arrested so far in the main case. “We have identified 45 properties in Mahabubabad, Wanaparthy, Sangareddy, including 140 acres of agricultural land and some additional properties in Hyderabad, including a villa, office buildings in Kondapur for attachment,” a police officer said.
Two of the complainants are ex-servicemen, including a retired Indian Navy Commodore and a retired Air Force Wing Commander. KPL, meanwhile, was promoted as an organic farming venture that pooled land from marginal farmers. Initially, the companies allegedly paid interest to investors to build confidence and attract more deposits. They include alleged kingpin Bhupal Naik, his uncle Babu Naik, Bhupal’s brother and police constable Santosh Naik, and their associates Shankar Rao and Rambabu. Investigators have also identified several properties allegedly linked to the accused as part of efforts to secure assets. Apart from the main case, two more cases have been registered with the EOW. Bhupal Naik was also arrested by police in Punjab and Gujarat in connection with similar cases. Download the TOI App.