Hyderabad: The city police on Thursday, October 10, arrested the directors and seized the properties of DKZ Technologies/ Dikazo Solutions Pvt. Ltd., a Hyderabad-based investment firm, for allegedly scamming around 17500 investors to the tune of Rs 229 crores.
The action followed the investigation over a complaint filed by a Hyderabad doctor, who invested Rs 2.74 crores in the company. He stated he was duped by the firm’s representatives, identified as Ashfaq Rahil, Mohammed Iqbal, Syed Umer Ahmed, Moiz, Nazeer and Bilal, who promised high returns on his investments.
The arrested accused have been identified as Syed Ashfaq Rahil, managing director and Syeda Aisha Naz, Director of DKZ Technologies/Dikazo Solutions Pvt. Ltd. According to the police, they have voluntarily admitted guilty to the accusations.
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Following the complaint, the Hyderabad police conducted raids in a farmhouse of one of the company owners and the Madhapur office of DKZ/Dikazo Solutions Pvt. Ltd. During the raids, the police seized Rupees 1.7 crores in cash, a registry of investors, bank cheque books, 13 laptops, and company letterheads.
A detailed investigation is underway, and the total amount of fraud money is yet to be ascertained, said the police. Efforts are underway to arrest the rest of the board members and other key figures involved in the scam.
