Crypto ponzi scam: Khammam couple at centre of Metaplus Trading fraud
HYDERABAD: In the Rs 100 crore Metaplus Trading Company investment fraud case, the spotlight is on the accused couple, Shaik Nazeer Pasha and his wife, Shaik Salma Begum, from Khammam. The prime accused in the cryptocurrency Ponzi scheme allegedly enticed investors and siphoned off nearly Rs 100 crores across Telangana and beyond, leaving many in financial turmoil.
Investigators uncovered how the duo orchestrated elaborate meetings, created fake profits, and personally reached out to victims, causing significant financial setbacks to investors. The accused couple, along with Khaja Pasha, Gantela Naveen and others, implemented the scheme.
How the Scam Worked: Dubai Trips, Fake CEOs, and Broken Promises
According to the complaint filed by victim G. Kumaraswamy in August 2025, it describes an intricately staged fraud. The scheme, active from June 2024 to January 2025, lured investors with promises of high, assured daily returns on investments in the cryptocurrency USDT.
The scammers first reached out through trusted contacts. Khaja Pasha approached Kumaraswamy and then introduced him to the main promoters, Nazeer Pasha and Gantela Naveen. Based on the complaint Central Crime Station(CCS), Hyderabad police booked a case.
Investigation revealed that the accused couple conducted motivational Zoom meetings and seminars. To build credibility, they travelled to Dubai, showing videos and photos to claim that Metaplus was run by Royal Family Members under CEO Nadeem Uddin Quazer, who claimed to have businesses in shipping, gold, and commodities. Quazer was brought to India, held exclusive meetings in Goa, and a seminar at Filly Retreat Resort in Shamshabad, Hyderabad, attended by over 150 people. Investors were also promised luxury trips to Goa, Kerala, and Dubai, promises that were never fulfilled.
After months of small payouts, a classic Ponzi tactic using new investors’ money to pay old ones, all returns stopped abruptly after January 10, 2025. When investors inquired, they were told the system was hacked. Soon after, the key accused, including Nazeer Pasha and Gantela Naveen, absconded and switched off their phones.
Scale of the fraud and investigation
The investigation revealed that the accused couple from Khammam played a key role, directly approaching victims, giving motivational speeches, and collecting deposits.
The investigation also revealed that Nazeer Pasha is involved in five other similar crimes registered in Karepally, Khammam, and Karimnagar police stations. The financial loss is huge, with specific victim investments detailed in the charges: G. Kumaraswamy, 53,000 USDT (approx Rs 45 lakhs), Ch. Shanthan Kumar and Ch. Nithin Chakravarthy: 2,70,000 USDT (Rs 2.5 Crores), P. Suresh: 1,38,000 USDT, G. Sangeetha: 55,000 USDT, among others, totalling alleged proceeds of Rs 100 Crores.
After rejecting anticipatory bail twice, the Nampally court granted anticipatory bail on the third application to Salma Begum. The court directed her to surrender before the court in Hyderabad within a week and ordered her release on a personal bond of Rs 10,000 with two sureties. The court ordered that she must fully cooperate with the ongoing investigation. Meanwhile, Nazeer Pasha’s anticipatory bail petition will come up for the next hearing on 24 December 2025.
