From petrol pump attendant to Rs 6,70,00,00,000 investment scam: How Hyderabad's Nanavath Bhupal Naik, who also worked as mason, built massive empire by luring 7,400 investors

A man who once worked as a mason and petrol pump attendant is now at the centre of an alleged Rs 670-crore investment fraud involving around 7,400 investors across India. Nanavath Bhupal Naik, a native of Telangana's Vikarabad district, is accused of collecting money through two companies by promising investors monthly returns of around 4%.

The Cyberabad Economic Offences Wing (EOW) is investigating three cases linked to the alleged fraud, which involved Shares Bazaar Pvt Ltd (SBPL) and Kisaan Parivar Ltd (KPL). According to a report by TOI, investigators have traced the accused's journey from working in small jobs to establishing investment businesses that attracted thousands of people.

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Police allege that Naik used his existing network of stock market clients and online promotions to expand his investor base. The investigation has also uncovered properties, bank accounts and assets allegedly linked to the money collected from investors. More than 500 complaints have been received by the EOW so far.

Who is Nanavath Bhupal Naik? From mason and petrol pump attendant to alleged scam mastermind

According to the Cyberabad EOW investigation, Naik struggled to clear his Intermediate examinations before eventually claiming to have completed his education through open schooling and correspondence courses.

“He claimed to have completed his Intermediate and obtained a degree through open schooling and correspondence,” an EOW official told TOI.

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Before entering the financial services business, Naik reportedly worked as a mason and a petrol pump attendant. His entry into the stock market industry came in 2013-14, when he joined a stock brokerage firm as an agent.

The job helped him establish relationships with several clients, which investigators believe later became important in building his investment network.

In 2016, he opened a franchise of the same brokerage firm in Kukatpally, Hyderabad. Around the same time, he registered Kisaan Parivar Ltd, which was presented as a venture intended to promote organic farming by pooling agricultural land from marginal farmers. However, the company remained largely inactive for several years.

How did Hyderabad man allegedly build a Rs 670-crore investment scam?

Investigators said Naik started Shares Bazaar Pvt Ltd in 2020 as a stock trading business. He allegedly used his existing network of brokerage clients and online promotions to attract investors to both companies.

The alleged investment operation gained momentum from 2022-23 onwards, with prospective investors being offered monthly returns of approximately 4%.

However, police found that SBPL did not have the necessary authorisation to collect deposits from the public.

According to an EOW official, Naik allegedly used money collected from new investors to pay returns to those who had invested earlier. The arrangement continued until it became unsustainable in 2025.

This method of using fresh investments to pay earlier investors is commonly associated with Ponzi-style investment schemes.

Kisaan Parivar investment scheme promised 24% tax-free returns

One of the investment arrangements under investigation involved Kisaan Parivar Ltd and its promise of agricultural land ownership alongside attractive returns.

According to investigators, the company offered investors registration of five guntas of agricultural land for an investment of Rs 12.5 lakh. The scheme reportedly promised a 24% tax-free return, subject to a lock-in period of 12 months.

Police have identified around 140 acres of agricultural land allegedly purchased by Naik in Mahbubabad, Wanaparthy and Sangareddy.

Of this, approximately 70 acres were registered in the names of KPL investors as part of the investment arrangement, according to the investigation.

The EOW is examining the land transactions and the financial structure of the companies to establish how investor money was collected and utilised.

EOW identifies 70 bank accounts and properties linked to Rs 670-crore fraud

As the investigation progresses, Cyberabad police have identified 70 bank accounts associated with the two companies and their directors. Around Rs 35 lakh was available in these accounts at the time of the investigation.

The authorities have also identified 45 properties for attachment as part of efforts to trace and secure assets linked to the alleged fraud.

These include agricultural land holdings, two commercial properties measuring approximately 10,000 square feet and a villa in Kondapur, Hyderabad.

In a bail application submitted before a local court in LB Nagar in August, Naik described himself as a permanent resident of Villa No. 5 in a gated community in Kondapur. He also referred to himself as someone belonging to a respectable poor family with no criminal antecedents.

However, online property listings show that villas in the same residential community are currently priced between Rs 6.8 crore and Rs 10 crore.

Hyderabad investment scam: Cases registered in five states

The alleged fraud investigation has expanded beyond Telangana. Apart from the three cases being examined by the Cyberabad EOW, five additional cases have been registered against SBPL, KPL and their directors in Gujarat, Punjab, Karnataka and Himachal Pradesh.

Police said Naik has already been arrested in connection with cases registered in Punjab and Gujarat and remains in judicial custody.

The EOW has also received more than 500 complaints from investors who claim to have been affected by the alleged investment scheme.

Investigators are examining the companies' financial transactions, investor records and property acquisitions to establish the extent of the alleged fraud and identify the movement of funds.

Rs 670-crore scam accused wanted to contest 2023 Telangana Assembly elections

The investigation has also brought to light Naik's reported political ambitions. According to an EOW official, the accused wanted to contest the 2023 Telangana Assembly elections and had spent money towards securing a political opportunity. However, he could not obtain a ticket.

“He wanted to contest the Telangana assembly elections in 2023 and spent money towards that, but could not secure a ticket,” the official told TOI.

Meanwhile, the Cyberabad EOW has ordered a forensic audit of Shares Bazaar Pvt Ltd and Kisaan Parivar Ltd. The audit is expected to be completed this month and is likely to provide further details about the companies' financial transactions, fund movements and the alleged collection of money from investors.

With hundreds of complaints and assets spread across multiple districts, investigators are continuing to trace the money and establish the full extent of the alleged Rs 670-crore investment fraud.