In a breakthrough in the DKZ Technologies fraud, the Central Crime Station (CCS) of Hyderabad, on Thursday, arrested the company’s managing director Ashfaq Rahil and his wife and company’s director Syeda Aisha Naz.
This comes about a month after the police booked a case against a firm in an alleged ₹100 crore fraud targeting investors.
In the raids carried out at the company’s Madhapur office and a farmhouse associated with it, the police seized ₹170 lakh cash, 564 original Procurement Guarantee Agreement bonds executed by the accused on behalf of DKZ Technologies, five bundles of blank letter heads, agent and client records, cheque books and 13 laptops. Further investigation also revealed that about 17,500 individuals deposited ₹227 crore.
Detailed examination of accounts and bank statements is underway, and the total money involved in the fraud is yet to be ascertained, Hyderabad Commissioner of Police C.V. Anand said. Meanwhile efforts are underway to nab others involved in the case, including the managing director Mohammed Iqbal, other employees Umair, Moiz, Aslam, Nazeer and Bilal.
The case was booked following a complaint from Dr. Abul Jaish of Mehdipatnam in Hyderabad in which he stated that he had invested ₹2.74 crore in August 2024. The complainant alleged that the company lured investors with promises of high returns (8-12%) on investments and stopped paying the same after an initial stint.
“The directors claimed that they were engaged in both B2B and B2C businesses and had multiple stores, including Dikazo in Madhapur and Hourly Fresh in Chaderghat and Tolichowki. They also claimed partnerships with Amazon for delivering 4,000 orders per day and with Boult, a company specialising in headphones and neckbands,” the complainant said.
As the company office shut down and the owners went incommunicado, hundreds of investors staged a protest and approached the Madhapur Police in September.
Published – October 10, 2024 09:19 pm IST