Hyderabad: DKZ Technologies directors arrested in Rs. 229 crores fraud
Hyderabad: Hyderabad Central Crime Station sleuths have arrested the proprietors and directors of DKZ Technologies/Dikazo Solutions Pvt Ltd for allegedly committing fraud amounting to Rs. 229 crores, impacting approximately 17,500 depositors.
The investigation began following a complaint lodged on September 4, 2024, by Dr. Abul Jaish A., a doctor residing in Gudimalkapur, Mehdipatnam. Dr. Jaish reported that he was drawn to DKZ Technologies after watching influencer promotions on YouTube. He subsequently visited the company’s office in Madhapur, where he met Managing Director Ashfaq Rahil and directors Mohammed Iqbal, Syed Umer Ahmed, Moiz, Nazeer, and Bilal.
During this visit, they presented promotional materials detailing deposit opportunities with a minimum investment of Rs. 5,000 and interest rates ranging from 8% to 12%. The directors claimed to operate both B2B and B2C businesses, including stores like Dikazo in Madhapur and Hourly Fresh in Chaderghat and Tolichowki. They also claimed partnerships with Amazon and BOULT, a company specialising in headphones and neckbands, stating they delivered 4,000 orders daily.
Believing these claims, Dr. Jaish deposited Rs. 2.74 crores in August 2024 before the company ceased operations.
Following the complaint, a case was registered under IPC sections 403, 406, 420, and 120-B, as well as Section 5 of the TSPDFE Act-1999. A special team was formed under the Commissioner of Police, Hyderabad City, to apprehend the accused.
The investigation led to searches at the accused’s farmhouse and DKZ/Dikazo Solutions Pvt Ltd office in Madhapur, where authorities seized 564 original procurement guarantee agreement bonds, five bundles of blank letterheads, notebooks containing agent and client details, various bank chequebooks, 13 laptops, and cash totaling Rs. 1.7 crore.
Victim statements and company records revealed that around 17,500 individuals had deposited money totaling approximately Rs. 227 crores. On October 10, 2024, the special team arrested Syed Ashfaq Rahil, Managing Director, and his wife, Syeda Aisha Naz, Director of DKZ Technologies/Dikazo Solutions Pvt Ltd. During questioning, they confessed to their involvement in the fraudulent activities.
The investigation is ongoing, with a detailed examination of accounts and bank statements still in progress. Authorities are making efforts to apprehend other suspects, including agents and influencers connected to the scheme.
The Commissioner of Police, Hyderabad, has advised the public to be cautious and avoid falling victim to schemes that promise high returns. He encouraged investments only in banks and government-registered financial institutions, warning that social media advertisements may lure individuals into fraudulent schemes.
