Hyderabad, June 18 -- A retired naval officer was among 11 people duped of Rs 4.51 crore in a stock trading investment scam in Hyderabad. The incident came to light following a police complaint.

On June 15, the 58-year-old retired commodore Sanjeev Gupta, from Mokila, filed a complaint with the Cyberabad Economic Offences Wing, stating 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, defrauded 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 1...