Hyderabad Police Bust Major Investment Fraud; 17500 Victims Duped of Rs. 229 Crores

In a significant crackdown on investment fraud, the Hyderabad Central Crime Station sleuths have arrested the proprietors and directors of DKZ Technologies/Dikazo Solutions Pvt Ltd for allegedly defrauding approximately ₹229 crores from around 17,500 depositors.

The case came to light following a complaint lodged on September 4, 2024, by Dr. Abul Jaish A, a local doctor. Dr. Jaish claimed that he had been lured by promotional content from social media influencers regarding investment opportunities with DKZ Technologies. After visiting the company's office in Madhapur, he was presented with attractive deposit schemes promising returns of 8% to 12% on a minimum investment of ₹5,000. Trusting the company’s claims, which included partnerships with major brands like Amazon and BOULT, Dr. Jaish invested ₹2.74 crores in August 2024.

A case was subsequently registered under sections 403, 406, and 420 of the Indian Penal Code, along with section 5 of the TSPDFE Act-1999. A special team, following instructions from the Commissioner of Police, was formed to investigate the matter and apprehend the accused. Searches were carried out at the accused’s farmhouse and the DKZ/Dikazo Solutions office in Madhapur, where officers seized numerous items, including 564 original procurement guarantee agreements, bank cheque books, 13 laptops, and ₹170 lakhs in cash.

As the investigation unfolded, it was revealed that the accused had collected deposits totaling around ₹227 crores from 17,500 individuals, further highlighting the scale of the fraud. On October 10, 2024, the police arrested Syed Ashfaq Rahil, Managing Director of DKZ Technologies/Dikazo Solutions Pvt. Ltd, and his wife, Smt. Syeda Aisha Naz, a director at the firm, who reportedly confessed to the allegations against them.

The detailed examination of the company's accounts is ongoing, and authorities are continuing their efforts to apprehend other individuals involved in the scheme, including agents and social media influencers.

The Commissioner of Police has urged the public to exercise caution and avoid falling victim to schemes promising high returns, emphasizing the importance of investing only in registered banks and governmental financial establishments. He cautioned that many fraudulent schemes are masquerading as legitimate offers, often promoted through social media.

As the investigation continues, police are working diligently to ensure justice for the victims and restore public trust in legitimate investment opportunities.