A retired Indian Navy commodore, who was part of an 11-member group that invested Rs 4.51 crore in a stock trading business and an organic farming company, has approached the Cyberabad Economic Offences Wing (EOW) alleging that they were defrauded by the promoters of the businesses. Acting on a complaint lodged by the victims, a cheating case was registered on June 15.
Details of the Complaint
Retired commodore Sanjeev Gupta, 58, from Mokila, lodged a complaint with the EOW on June 15, alleging that promoters and senior executives of Shares Bazaar Private Limited (SBPL), a company claiming to run an algorithm-based stock trading business, and Kisaan Parivar Limited (KPL), which is into organic farming, duped him and 10 other investors.
According to the complainant, the accused lured investors by claiming that SBPL was a SEBI-registered entity offering guaranteed annual returns ranging from 18% to 48%, while KPL promised 24% tax-free annual returns from organic farming in pooled agricultural land.
Investment and Promised Returns
In his complaint, Gupta told police that he, his wife, and their daughter collectively invested Rs 1.92 crore in the two firms in 2022 and 2023. The managements of the two firms reportedly said they would pay Rs 2.42 crore by May 31, 2026, including interest.
“However, since October 2025, both firms stopped all monthly interest payouts and have also not returned the principal amount. I request you to conduct a thorough investigation and take legal action against the accused,” the complainant alleged.
Legal Action Taken
Based on the complaint, the EOW registered a case under Sections 318(4) (cheating), 316(2) (criminal breach of trust), and 3(5) (common intention) of the Bharatiya Nyaya Sanhita (BNS) and Section 5 of the Telangana State Protection of Depositors Act on June 15 against the two companies, their promoters, and senior executives.
“We are in the process of collecting evidence,” said an EOW official.
