Hyderabad: The Cyberabad Economic Offences Wing (EOW) is investigating two city-based companies for allegedly duping nearly 7,400 investors out of Rs 670 crore.

The companies, Shares Bazaar Pvt Ltd (SBPL) and Kisaan Parivaar Ltd (KPL), allegedly cheated investors from all over the country by promising returns ranging from 18 per cent to 48 per cent, The Times of India reported.

SBPL was projected as a SEBI-registered, algorithm-based stock trading firm, while KPL was promoted as an organic farming venture that pooled land from marginal farmers.

More than 500 victims have approached the EOW, reporting losses up to Rs 70 crore.

Cyberabad Police has registered three cases against the companies, with two of the complainants being ex-servicemen. Across the country, 12-ex servicemen have been identified as victims.

The main cheating case was registered on June 15 following a complaint by a 58-year-old retired Navy commodore from Mokila, Hyderabad. He alleged that 11 people, including him, were cheated of Rs 4.51 crore by Nanavath Bhupal Naik, his wife Rajani Nanavath, his sister Anusha Nanavath, his uncle Nanavath Babu Naik, Prasanna Atluri, Rambabu Dantu and NS Shanker Rao, who were associated with SBPL and KPL.

The accused allegedly began collecting deposits in 2020. They initially paid interest to investors to build confidence but then stopped the payouts and the repayment of the principal amount in October 2025.

Five arrested so far, including alleged kingpin

Five accused have reportedly been arrested so far, including the alleged kingpin Bhupal Naik, his uncle Babu Naik, Bhupal’s brother and police constable Santosh Naik, and their associates Shankar Rao and Rambabu.

Investigators have also identified several properties allegedly linked to the accused as part of efforts to secure assets. This includes 45 properties in Mahabubabad, Wanaparthy, and Sangareddy. Some additional properties in Hyderabad, including a villa and office buildings in Kondapur have also been identified for attachment.

The two other cases were filed based on complaints from a 77-year-old retired Air Force Wing Commander from Secunderabad and a local businessman.