HYDERABAD: Sleuths with the Central Crime Station (CCS), Hyderabad, arrested the managing director (MD) of DKZ Technologies, Syed Ashfaq Rahil, and his wife and director, Syeda Aisha Naz, for allegedly cheating 17,500 investors to the tune of Rs 229 crore.
The scam came to light on September 4, when a doctor from Gudimalkapur approached the police. The complainant visited the firm’s office at Madhapur and met with Ashfaq and others, who introduced themselves as directors and proprietors of the firm.
The investment opportunities offered by the firm required a minimum investment of Rs 5,000 and provided interest in the range of 8% to 12%. “The directors said they were involved in both B2B and B2C enterprises. They operated retail establishments such as Dikazo in Madhapur and Hourly Fresh in Chaderghat and Tolichowki. Additionally, they claimed to have a partnership with Amazon, delivering 4,000 orders daily,” said Hyderabad Commissioner of Police CV Anand.
In August 2024, the complainant deposited Rs 2.74 crore. However, the company closed down and the owners disappeared.
The Hyderabad CCS formed a special team in response to multiple complaints, conducted searches at a farmhouse and the firm’s office in Madhapur and confiscated 564 guarantee agreement bonds, five bundles of blank letterheads, notebooks listing the names of agents and clients, bank cheque books, 13 laptops and Rs 1.7 crore in cash.
During the investigation, Rahil and Aisha were arrested on Thursday evening. Under interrogation, they confessed to the crime. An in-depth examination of the bank accounts and statements is ongoing, the Hyderabad CP said, adding that the total amount of fraud is yet to be determined. “The special team will continue to make efforts to arrest other accused. Investigation on agents and influencers is continuing,” Anand added.