Hyderabad: A major investment fraud case has been exposed in Telangana’s Hyderabad, where a couple has been accused of cheating investors of nearly ₹7 crore through a fake investment scheme named ‘Nafa Gold Scheme’. The Cyberabad Economic Offences Wing (EOW) police have registered a case against three accused and launched a detailed investigation into the wider network behind the scam.
The Golden Promise That Turned Into a Nightmare
According to police officials, the entire operation functioned as a structured investment fraud model in which victims were lured with promises of safe gold-based investments and unusually high returns within a short period. In the initial phase, the accused even built trust by paying regular monthly returns to investors. However, these payments suddenly stopped later, triggering suspicion and complaints.
The case began when a director of a private software company in Gachibowli was introduced to an individual identified as Zakir Hussain. He allegedly claimed to run companies named ‘Nafa Barters’ and ‘Trade FXSP’, presenting them as legitimate trading and investment firms.
FCRF Returns With CDPO, Its Premier Data Protection Certification for Privacy Professionals
Fake Profits, Real Trap
Zakir Hussain is accused of convincing the victim that an investment of ₹1 crore could be turned into ₹3 crore in a short time, along with assured monthly profits. Trusting these claims, the victim invested ₹2 crore in January 2025.
During the same period, Zakir Hussain’s wife, Fatima and an associate, Karthik from Coimbatore, introduced another scheme titled ‘Nafa Gold Scheme’, claiming it offered secure returns through gold-backed investments. The victim subsequently invested an additional ₹64 lakh into this scheme.
Police investigations revealed that until May 2025, investors were paid returns to maintain confidence. However, all payments were abruptly stopped afterwards, and the accused allegedly went out of contact.
When investors began demanding their money back, they were allegedly given repeated excuses and false assurances. Further inquiry suggested that multiple other individuals were also defrauded in a similar manner, indicating a wider pattern of financial fraud.
Based on the complaint, the Cyberabad EOW registered a case against Zakir Hussain, Fatima, and Karthik. Officials suspect that this may not be an isolated case but part of a larger organised investment fraud network operating across regions.
Bigger Syndicate Under Scanner
Preliminary findings suggest that the accused used multiple company names and investment schemes to mislead investors, while showcasing fake returns to build credibility. Police are now examining bank accounts, digital transactions, and fund flow trails to trace the complete diversion of money.
Authorities estimate that the scale of the fraud may exceed ₹7 crore as more victims are likely to come forward during the investigation.
In a significant observation on the growing trend of such scams, renowned cyber crime expert and former IPS officer Professor Triveni Singh noted that modern investment frauds are becoming increasingly sophisticated. He highlighted that fraudsters are now using psychological manipulation, fake digital dashboards, and structured payout cycles to gain investor trust before executing large-scale financial frauds.
Police have intensified efforts to arrest the accused and uncover the full extent of the network. Investigators are also probing whether an organised syndicate is operating behind this scam, using similar methods across multiple cities.
