Hyderabad: Several residents of Golconda and nearby areas have reportedly lost over Rs 2 crore in a fraudulent wholesale egg investment venture. The scheme was allegedly floated by Maifuzulhaq Mohammadazim Makandar and his wife, Sana Maifuzulhaq Makandar, who promised investors high monthly returns.
The main complainant, Shaik Majeed (39), a businessman from Naya Qila, stated that he invested Rs 10 lakh on two occasions, on December 16, 2024, and March 30, 2025. At least seven other investors reportedly invested amounts ranging between Rs 2.5 lakh and Rs 10.5 lakh.
According to the complaint, the Makandar couple has been untraceable since August 4, 2025, with their rented residence locked and their mobile phones switched off.
Preliminary investigations by the Central Crime Station (CCS), Hyderabad, indicate that the total loss could exceed Rs 2 crore. A case has been registered under Section 318(4) (cheating and dishonestly inducing delivery of property) read with Section 3(5) (common intention) of the Bharatiya Nyaya Sanhita (BNS).
Authorities are currently attempting to track the accused and gather details from additional victims, as the investigation continues to uncover the full extent of the scam.
