HYDERABAD: A major investment fraud in Hyderabad has reportedly left dozens of people swindled by city-based DKZ Technologies, with a scam estimated at Rs 700 crore.
At a press conference at Somajiguda on Friday, the purported victims alleged that the company had promised high returns on investments but instead deceived around 18,000 people, with the number expected to increase. Hyderabad police’s Central Crime Station (CCS) has confirmed that a case has been filed under charges of cheating and misappropriation of funds of the Indian Penal Code (IPC) and the Depositors Act.
A senior officer from CCS told TNIE: “It is a financial fraud as around 70 victims reported their grievances, and there are likely more victims than this. Many claim to have been conned of crores of rupees. It is too early to come to a certain number as we are still analysing the amount involved and further investigating the case.”
The CCS have formed eight teams to nab the accused, the officer added. A case has also been registered at the Cyberabad police’s Economic Offences Wing (EOW). “So far, there has only been one case registered with us where four members of a family claimed to have been defrauded. The amount pertains to several crores,” an officer from the EOW told TNIE.
Taking to X, MBT spokesperson Amjed Ullah Khan claimed, “Telangana State Intelligence Department and Telangana government were sleeping till 18,000 investors were duped to the tune of Rs 700 crore by a bogus firm called DKZ Technologies. In 2018, two persons by name Syed Ashwaq Rahil and Mohammed Iqbal registered a firm by name DKZ Technologies and its sister organisations called DIKAZO Solutions Private Limited, DKZ Investments and offered 8% to 12% benefits to the investors.”
Khan also pointed out that the scam, involving YouTube influencers, spans three states and affects numerous NRIs.