India Couple Arrested in ₹7 Crore Nafa Gold Scheme Ponzi Scandal
Major Investment Scam Exposed in Hyderabad: Couple Accused of Duping Investors of ₹7 Crore Through Bogus ‘Nafa Gold Scheme’
The Cyberabad Economic Offences Wing (EOW) police have launched an investigation into a major investment fraud case involving a couple who allegedly cheated investors of nearly ₹7 crore through a fake investment scheme called ‘Nafa Gold Scheme’. The scam operated as a structured investment fraud model, luring victims with promises of safe gold-based investments and unusually high returns within a short period.
How the Scam Worked
According to officials, the accused initially built trust by paying regular monthly returns to investors, but these payments eventually stopped, triggering suspicion and complaints. The case began when a director of a private software company in Gachibowli was introduced to an individual identified as Zakir Hussain, who presented himself as running companies named ‘Nafa Barters’ and ‘Trade FXSP’.
Hussain convinced the victim that an investment of ₹1 crore could be turned into ₹3 crore in a short time, along with assured monthly profits. The victim invested ₹2 crore in January 2025, after which Hussain’s wife, Fatima, and an associate, Karthik from Coimbatore, introduced another scheme titled ‘Nafa Gold Scheme’, claiming it offered secure returns through gold-backed investments.
The victim subsequently invested an additional ₹64 lakh into this scheme.
Preliminary Findings
Police investigations revealed that until May 2025, investors were paid returns to maintain confidence, but all payments were abruptly stopped afterwards. The accused allegedly went out of contact when investors demanded their money back, offering repeated excuses and false assurances.
Further inquiry suggested that multiple other individuals were also defrauded in a similar manner, indicating a wider pattern of financial fraud.
Investigation Ongoing
Preliminary findings suggest that the accused used multiple company names and investment schemes to mislead investors, while showcasing fake returns to build credibility. Police are now examining bank accounts, digital transactions, and fund flow trails to trace the complete diversion of money.
Authorities estimate that the scale of the fraud may exceed ₹7 crore as more victims are likely to come forward during the investigation.
“Modern investment frauds are becoming increasingly sophisticated, using psychological manipulation, fake digital dashboards, and structured payout cycles to gain investor trust before executing large-scale financial frauds.”
— A renowned cybercrime expert
Police have intensified efforts to arrest the accused and uncover the full extent of the network. Investigators are also probing whether an organized syndicate is operating behind this scam, using similar methods across multiple cities.