A major alleged investment fraud case has surfaced in Hyderabad after a retired Indian Navy officer accused two private companies and their associates of cheating investors of ₹4.51 crore through schemes promising unusually high returns.
Based on the complaint, the Economic Offences Wing has registered a case and launched an investigation.
Retired Navy Officer Invested Family Savings
According to the complaint, 58-year-old Sanjeev Gupta served in the Indian Navy for nearly 37 years before retirement.
In 2022, he came across one of the companies online and later visited its office to understand its investment plans.
Company representatives allegedly assured him that their business models were secure, legitimate and capable of generating strong returns.
Firms Promoted Trading and Farming Schemes
One company was reportedly presented as an algorithm-based stock market trading platform offering 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.
According to the complaint, one scheme promised annual returns of up to 48%, while the other claimed to offer tax-free annual income of up to 24%.
₹4.51 Crore Allegedly Collected From Investors
Trusting the assurances, Gupta, his family members and other investors signed Memorandums of Understanding with the companies.
The complaint states that investors collectively invested around ₹4.51 crore.
Initially, the companies allegedly provided positive updates and assurances, which helped maintain investor confidence.
Investors Later Found Red Flags
Concerns reportedly emerged when payments were delayed and investors began questioning the actual status of their money.
The complaint alleges that claims related to business operations, regulatory compliance and investor safeguards did not match reality.
Investors then reviewed documents and financial records before approaching authorities.
Several Individuals Named in Complaint
The complaint names Nanavath Bhupal Naik, Rajani Nanavath, Anusha Nanavath, Nanavath Babu Naik, Prasanna Atluri, Rambabu Dantu and Shankar Rao NS among those allegedly linked to the schemes.
The complainant alleges that these individuals played direct or indirect roles in promoting the investment plans and persuading investors to deposit funds.
EOW Begins Financial Probe
Investigators are now examining how the collected money was used.
The probe is expected to review:
- Bank accounts
- Investment agreements
- Company records
- Fund transfers
- Regulatory claims
- Investor communication records
Authorities are also checking whether unauthorised deposit-taking or misleading investment practices were involved.
Why Investment Due Diligence Matters
High-return investment schemes often rely on attractive projections, polished presentations and trust-building tactics.
Before investing, individuals should verify company registration, audited financials, regulatory approvals, fund utilisation records and risk disclosures. Professional auditing services in india can help investors and businesses assess financial records, identify red flags and reduce exposure to fraudulent schemes.
Shunyatax Global Insight
At Shunyatax Global, we believe every investment decision should be backed by documentation, verification and risk review. The Hyderabad case highlights why unusually high returns should always be examined carefully before committing personal or family savings.
For more updates on financial fraud, taxation, compliance and business governance, visit Shunyatax.in.