Hyderabad, September 14: A major financial fraud case has been registered against DKZ Technologies by the Hyderabad police after thousands of investors from Andhra Pradesh, Telangana, Karnataka, and Maharashtra were reportedly duped out of several crores of rupees. The company promised investors returns between 8 to 12 percent on their investments, only to stop payments and vanish after months of operation.
According to the police, DKZ Technologies, founded in 2018, lured investors by claiming that their funds were being invested in various business ventures, guaranteeing monthly profits. The company’s operations continued smoothly until June, when payments abruptly stopped. Investors who attempted to follow up on their investments discovered that the company’s office in Madhapur was shut down. Following the realization of the scam, numerous investors filed complaints with the Hyderabad Central Crime Station (CCS), leading to the registration of the case.
The investigation revealed that key individuals in the company, including Ashfaq Rahil, Iqbal, Umair, Moiz, Aslam, Bilal, Nazeer, and others holding different positions, were allegedly involved in orchestrating the fraud. The police have formed six teams to investigate further and bring the perpetrators to justice.
Several victims of the scam staged a protest outside the Hyderabad CCS office, urging the authorities to take swift action against DKZ Technologies’ management. They demanded the return of their money and harsher preventive measures against similar fraudulent schemes in the future.
This isn’t the first instance of large-scale financial fraud in Hyderabad. Over the past few years, the city has witnessed multiple scams of this nature, with unsuspecting investors often falling prey to promises of high returns. Despite several high-profile cases, including those of major ponzi schemes and chit fund scams, fraudsters continue to find ways to exploit the public’s trust.
In an alarming development, it has also come to light that many highly educated professionals were among those defrauded by DKZ Technologies, showing that no one is immune to such schemes. As one of the victims remarked, “Every time we think we’ve learned our lesson, another scam occurs, and we find ourselves grieving yet again after being cheated.”
Many are now questioning why authorities fail to keep a closer watch on such fraudulent companies before they escalate. While protests and investigations follow every scam, stricter regulatory oversight is being called for to prevent further exploitation of citizens.
The investigation is ongoing, and the police are urging other victims to come forward with their complaints.
