Rs 7 crore fraud in Hyderabad: Couple cheats investors by promising to ‘triple’ investment

Hyderabad: In a major investment fraud case, a couple allegedly cheated investors of nearly Rs 7 crore by promising to triple their money within a short period and falsely promising attractive monthly returns.

Based on a complaint filed by victims, the Cyberabad Economic Offences Wing (EOW) police have registered a case against three individuals.

Lucrative returns used as bait

According to police, Prakash, a director at a private software firm in Gachibowli, was introduced to one Zakir Hussain from Tirupati. Zakir claimed to run two firms, Nafa Barters and Trade FXSP, and said they were engaged in trading activities.

He allegedly lured Prakash by assuring that an investment of Rs 1 crore would grow to Rs 3 crore in a short span, along with steady monthly profits.

Investments made in multiple schemes

Believing the claims, Prakash invested Rs 2 crore in January 2025. Around the same time, Zakir’s wife, Fatima and an associate, Karthik from Coimbatore, introduced another scheme called ‘Nafa Gold Scheme,’ claiming it offered secure returns through gold investments.

Prakash reportedly invested an additional Rs 64 lakh in this scheme.

Payments stopped, fraud exposed

The accused initially paid returns until May 2025, which helped build trust among investors. However, payments suddenly stopped thereafter.

Upon inquiry, Prakash discovered that the accused had collected large sums from multiple investors and failed to return the money.

Case registered

Realising he had been duped, Prakash approached the Cyberabad EOW police, who have now registered a case against Zakir Hussain, Fatima, and Karthik. An investigation is underway to trace the funds and identify other victims involved in the fraud.