Former mason Nanavath Bhupal Naik alleged mastermind in 670cr scam
A former mason, Nanavath Bhupal Naik, is the alleged mastermind of a ₹670 crore investment scam that tricked around 7,400 investors with promises of easy monthly returns.
Through his companies Kisaan Parivar Ltd and Shares Bazaar Pvt Ltd, Naik collected huge sums without proper approvals, offering deals that sounded too good to be true.
Nanavath Bhupal Naik probe traces 35L
Naik switched from masonry to stock broking in 2013-14 and set up his own firms by 2020, luring people with big promises on both land and stock investments.
Despite the scale of the fraud, authorities have only managed to trace about ₹35 lakh so far.
Investigators have linked him to 45 properties in Telangana, including a villa in Kondapur, and found that he even tried (unsuccessfully) to enter politics.
The case is still unfolding as police dig deeper into where all the money went.