Hyderabad: A retired naval officer was among 11 people duped of Rs 4.51 crore in a stock trading investment scam in Hyderabad. The incident came to light following a police complaint.
On June 15, the 58-year-old retired commodore Sanjeev Gupta, from Mokila, filed a complaint with the Cyberabad Economic Offences Wing, stating that promoters and senior executives of Shares Bazaar Private Limited (SBPL), a company claiming to run an algorithm-based stock trading business, and Kisaan Parivar Limited (KPL), which is into organic farming, defrauded him and 10 other investors.
According to the complainant, the accused lured investors by claiming that SBPL was a SEBI-registered entity offering guaranteed annual returns ranging from 18 per cent to 48 per cent , while KPL promised 24 per cent tax-free annual returns from organic farming in pooled agricultural land.
In his complaint, Gupta informed the police that he, his wife and their daughter collectively invested Rs 1.92 crore in the two firms in 2022 and 2023.
The managements of the two firms reportedly said they would pay Rs 2.42 crore by May 31, 2026, including interest.
“However, since October 2025, both firms stopped all monthly interest payouts and have also not returned the principal amount. I request you to conduct a thorough investigation and take legal action against the accused,” Singh alleged in his complaint.
Based on the complaint, EOW registered a case under Sections 318(4) (cheating), 316(2) (criminal breach of trust), and 3(5) (common intention) of the Bharatiya Nyaya Sanhita (BNS) and Section 5 of the Telangana State Protection of Depositors Act against the two firms
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