In a major crackdown on investment fraud, the Hyderabad Central Crime Station has arrested the owners and directors of DKZ Technologies/Dikazo Solutions Pvt Ltd. They are accused of scamming around 17,500 people and taking approximately ₹229 crores from them.
The case was brought to light when a local doctor, Dr. Abul Jaish A, filed a complaint on September 4, 2024. Dr. Jaish said he was attracted by social media influencers promoting investment opportunities with DKZ Technologies. After visiting the company’s office in Madhapur, he was offered schemes that promised returns of 8% to 12% on a minimum deposit of ₹5,000. Believing the company’s claims, which included supposed partnerships with big brands like Amazon and BOULT, Dr. Jaish invested ₹2.74 crores in August 2024.
A case was registered under several sections of the Indian Penal Code, including sections 403, 406, and 420, as well as under section 5 of the TSPDFE Act-1999. Following the Commissioner of Police’s orders, a special team was set up to investigate the matter. The police conducted searches at the company’s office in Madhapur and the accused’s farmhouse. During these searches, they seized important items such as 564 procurement guarantee agreements, bank cheque books, 13 laptops, and ₹170 lakhs in cash.
As the investigation continued, it was discovered that the accused had collected deposits totaling around ₹227 crores from 17,500 people. On October 10, 2024, the authorities arrested Syed Ashfaq Rahil, the Managing Director of DKZ Technologies/Dikazo Solutions Pvt Ltd, and his wife, Syeda Aisha Naz, who is also a director at the company. Both reportedly admitted to their involvement in the fraud.
The investigation is still ongoing, with authorities examining the company’s accounts. They are also trying to catch other individuals involved, including agents and social media influencers who promoted the fraudulent schemes.
The Commissioner of Police has warned the public to be careful and avoid falling for schemes that promise high returns. He emphasized the importance of investing only in registered banks and government-backed financial institutions. He also pointed out that many scams today are disguised as legitimate offers and are often promoted through social media.
The police are working hard to ensure justice for those who lost their money and are committed to restoring public trust in safe and legitimate investment opportunities.
