HYDERABAD: A 58-year-old retired Indian Navy veteran has lodged a complaint against Shares Bazaar Private Limited (SBPL), Kisaan Parivar Limited (KPL), their managing directors and several others for allegedly cheating him and his family members of Rs 4.51 crore in the name of investments.
The complainant, Sanjeev Gupta, who served in the defence forces for 37 years, alleged that the accused lured him and others through false promises, investment platforms and unauthorised public deposit schemes.
According to the complaint, Sanjeev came to know about SBPL through Google in 2022 and subsequently visited the company’s office. He alleged that he met the founder, promoter and Managing Director Nanavath Bhupal Naik; KPL Director Rajani Nanavath, wife of Bhupal Naik; KPL Directors Anusha Nanavath and Nanavath Babu Naik; SBPL Director Prasanna Atluri; KPL Director Rambabu Dantu; and SBPL manager Shanker Rao NS.
The complainant alleged that Nanavath Bhupal Naik personally solicited investments by claiming that SBPL was a SEBI-registered entity operating an algorithm-based stock market trading business. He further stated that KPL represented itself as an organic farming enterprise that pooled land from marginal farmers.
Believing these assurances, Sanjeev and others entered into duly signed Memoranda of Understanding (MoUs) with both companies. Under the agreements, the companies allegedly promised guaranteed monthly dividend payouts with a 12-month lock-in period.
SBPL allegedly offered multiple investment plans, including returns of up to 48 per cent per annum, while KPL allegedly offered 24 per cent tax-free annual returns on investments linked to land registration.
Sanjeev further alleged that he, his family members and other victims collectively invested Rs 4.51 crore in the two companies.
Based on his complaint, the Economic Offences Wing (EOW) of Cyberabad police registered a case and launched an investigation.