Hyderabad: A major alleged investment fraud case has surfaced in Hyderabad, where a retired Indian Navy officer has accused two private companies and their associates of cheating investors of ₹4.51 crore through investment schemes promising unusually high returns. Based on the complaint, the Economic Offences Wing (EOW) has registered a case and initiated an investigation.
Veteran Capital Allocations and Multi-Sector Storefront Audits
According to the complaint, 58-year-old Sanjeev Gupta, who served in the Indian Navy for nearly 37 years before retirement, decided to invest his savings and family funds in opportunities that promised better returns. In 2022, he reportedly came across one of the companies through an online source and later visited its office to learn more about its investment offerings.
The complaint alleges that senior representatives of the companies assured investors that their business models were legitimate, secure, and capable of generating substantial profits. One company was presented as operating an algorithm-based stock market trading platform that would provide investors with regular monthly returns. The other was promoted as an organic farming and agricultural development venture that claimed to consolidate farmland for large-scale cultivation and income generation.
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Algorithmic Dividend Projections and Pooled Cultivation Plans
Gupta has alleged that both firms marketed attractive investment plans and assured investors of fixed and high returns if their investments remained locked in for a specified period. According to the complaint, one company promised annual returns of up to 48%, while the other claimed to offer tax-free annual income of up to 24% through its land-based investment model.
Trusting these assurances, Gupta, his family members, and several other investors signed Memorandums of Understanding (MoUs) with the companies. The complaint states that the investors collectively invested approximately ₹4.51 crore. During the initial stages, the companies allegedly continued to provide positive updates and assurances regarding returns, reinforcing investor confidence.
Regulatory Status Deceptions and Memorandum Validations
However, concerns later emerged regarding payments and the actual status of the investments. The complaint alleges that several claims made by the companies regarding business operations, regulatory compliance and investor safeguards did not match reality. As doubts increased, investors reportedly reviewed investment documents and financial records before approaching authorities.
The complaint names Nanavath Bhupal Naik, Rajani Nanavath, Anusha Nanavath, Nanavath Babu Naik, Prasanna Atluri, Rambabu Dantu and Shankar Rao NS among those allegedly associated with the schemes. The complainant has alleged that these individuals played direct or indirect roles in promoting the investment plans and persuading investors to commit funds.
Criminal Breach of Trust Bookings and Asset Audit Operations
Investigators are now examining how the money collected under the schemes was utilized, whether the promises made to investors had any legitimate basis and whether any unauthorized deposit-taking or misleading investment practices were involved. Financial transactions, bank accounts, investment agreements and company records are expected to be scrutinized as part of the probe.
The investigation remains ongoing, and authorities are currently examining the allegations. The guilt or innocence of the accused will ultimately be determined through the course of the investigation and subsequent judicial proceedings.
