Petrol pump employee commits massive investment scam of ₹670 crore

According to a report by The Economic Times, a massive investment scam has come to light in Hyderabad in which a person named Nanavath Bhupal Naik has been accused of committing a scam of approximately ₹670 crore. It has come to light that around 7,400 investors were trapped in the web of this scam. Nanavath Bhupal Naik, who perpetrated this scam, had worked as a mason and as an employee at a petrol pump in the past, and subsequently built this massive empire. The Cyberabad Economic Offences Wing is investigating this entire matter.

Two companies have come under the radar of this investigation, which include Shares Bazaar Private Limited and Kisan Parivar Limited. Large and attractive profits were promised to investors by both these companies. Assurances were given by the companies to provide a monthly return of about 4 percent per month as well as a tax-free annual return of 24 percent. Alluring thousands of investors with such high returns, this individual from Hyderabad made them the target of his fraud and obtained large sums of money from them.

Nanavath Bhupal Naik, who perpetrated this scam, used to do ordinary jobs earlier and started his life by doing masonry work and a job at a petrol pump. Subsequently, he started trapping people in the name of investment and established a vast network through two companies. Through this network, he attracted approximately 7,400 people and extorted crores of rupees from them. A thorough investigation of this serious matter is currently being conducted by the Cyberabad Economic Offences Wing so that details of what other factors and people are involved behind this entire scam can come out.