{
  "id": 19112793,
  "title": "How Hyderabad man duped 7,400 investors",
  "url": "https://urgent.news/2026/11/09/how-hyderabad-man-duped-7-400-investors",
  "topic": "business",
  "section": "Business",
  "published": "2026-11-09T06:34:44.000Z",
  "source": {
    "name": "The Economic Times",
    "slug": "the-economic-times",
    "url": "https://economictimes.indiatimes.com/news/new-updates/from-petrol-pump-attendant-to-rs-6700000000-investment-scam-how-hyderabads-nanavath-bhupal-naik-who-also-worked-as-mason-built-massive-empire-by-luring-7400-investors/articleshow/135673173.cms"
  },
  "original_language": "en",
  "account": "Nanavath Bhupal Naik, originally a mason and petrol pump attendant, now faces a Rs 670-crore investment fraud accusation across seven thousand four hundred investors spread throughout India. The Cyberabad Economic Offences Wing (EOW) is probing three cases related to this alleged fraud, linked to two companies - Shares Bazaar Pvt Ltd (SBPL) and Kisaan Parivar Ltd (KPL).\n\nInvestigators have traced Naik's rise from low-paying jobs to setting up investment businesses that lured thousands of people. He used his network of stock market clients and online promotions to grow his investor base, according to the police. Over 500 complaints have been lodged with the EOW.\n\nNaik allegedly used his Intermediate education claim to obtain a job in a stock brokerage firm in 2013-14. In 2016, he launched a franchise in Kukatpally, Hyderabad and registered Kisaan Parivar Ltd, which was marketed as an organic farming venture. However, the company remained inactive for years.\n\nIn 2020, Naik founded Shares Bazaar Pvt Ltd, claiming it was a stock trading business. He allegedly recruited investors through SBPL and KPL, offering monthly returns of about 4% without proper authorization. The scheme was unsustainable and ended in 2025, after using fresh investments to pay earlier investors.\n\nKisaan Parivar promised 24% tax-free returns for registering agricultural land, but 70 acres were bought by Naik in Mahbubabad, Wanaparthy and Sangareddy, with 70 acres registered to KPL investors. Police are examining the financial structure of the companies to trace how investor money was collected and utilized.\n\nAuthorities have identified 70 bank accounts and 45 properties linked to the suspected fraud. Naik is currently in police custody in connection with the cases registered in Punjab and Gujarat. The EOW is investigating the companies' finances, investor records, and property acquisitions to establish the extent of the alleged fraud.",
  "summary": null,
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}