US road accident kills Shares Bazaar director Prasanna
HYDERABAD: A key development has emerged in the alleged Shares Bazaar investment fraud case after Shares Bazaar director Atluri Prasanna died in a road accident in the United States.
Director dies during US visit
Prasanna, who had been serving as a director of Shares Bazaar for the past six years, had travelled to the United States on behalf of the company. He was killed after a truck reportedly rammed the car he was travelling in from behind. He died at the spot, according to available information.
A case had already been registered against Prasanna by the Cyberabad Police’s Economic Offences Wing (EOW) in connection with the alleged investment fraud.
Probe centres on alleged ₹600 crore fraud
Investigators allege that the Shares Bazaar and Kisaan Parivar entities collected investments from nearly 14,000 people across the country in an alleged fraud exceeding ₹600 crore by promising high returns.
The alleged mastermind, Nanavath Bhupal Naik, has already been arrested by Gujarat Police. Subsequently, Cyberabad EOW officers brought him to Hyderabad on a PT warrant to continue the investigation. Authorities allege that investors were induced to invest in Shares Bazaar and Kisaan Parivar with promises of high interest returns.
IPO proposal under scrutiny
Investigators are also examining the proposed initial public offering (IPO) of Kisaan Parivar. According to the information available, Bhupal Naik had already submitted an application to the Securities and Exchange Board of India (SEBI) in connection with the proposed IPO. The investigation into the alleged investment fraud is continuing.
