Nanavath Bhupal Naik, who previously worked as a mason, is allegedly involved in a major investment scam
HYDERABAD: A man who struggled to clear his Intermediate exams and once worked as a mason is the alleged mastermind behind a Rs 670-crore investment scam involving 7,400 investors across the country.
In 2013-14, he joined a stock brokerage firm as an agent , where he developed relationships with several clients. In 2016, he set up a franchise of the same brokerage firm in Kukatpally. In 2020, Naik started SBPL as stock trading firm. “Leveraging his existing client network and online promotions promising returns of around 4% a month, he attracted investors to the two companies, particularly from 2022-23 onwards. EOW has so far received more than 500 complaints against the accused. Police have identified 70 bank accounts linked to the two companies and their directors, with around Rs 35 lakh currently available in them. Of this, 70 acres are registered in the names of investors of KPL as part of the investment scheme, which offered registration of five guntas of land for an investment of 12.5 lakh with a 24% tax-free return with a 12-month lock-in.
Before setting up two companies currently under legal scrutiny, Shares Bazaar Pvt Ltd (SBPL) and Kisaan Parivar Ltd (KPL), Bhupal had worked as a mason and a petrol pump attendant, according to police. That year, he also registered KPL, ostensibly to promote organic farming by pooling land from marginal farmers. The company, however, remained inactive for several years. You Can Also Check: Gold Rate in Hyderabad | Silver Rate in Hyderabad | Bank Holidays in Hyderabad | Public Holidays in Hyderabad | Hyderabad AQI | Weather in Hyderabad | Petrol Price in Hyderabad | Diesel Price in Hyderabad | CNG Price in Hyderabad | LPG Price in Hyderabad
