Hyderabad: Case against DKZ Technologies for financial fraud
The company had collected money from several thousand people in AP, Telangana, Karnataka and Maharashtra promising a profit between 8 to 12 per cent on their investment and duped them.
Hyderabad: The Hyderabad police registered a case against DKZ Technologies for allegedly cheating investors to the tune of several crores of rupees on pretext of giving lucrative profits on their investment.
According to the police, the company had collected money from several thousand people in AP, Telangana, Karnataka and Maharashtra promising a profit between 8 to 12 per cent on their investment and duped them. Floated in 2018, the company explained the investors their money was invested in different business and monthly profits would be paid to them.
Since June, the company stopped paying amount to the investors who on checking with the office at Madhapur, found it closed. The investors then approached the Hyderabad CCS and made a complaint. The police registered a case and are investigating.
The case was registered against Ashfaq Rahil, Iqbal, Umair, Moiz, Aslam, Bilal, Nazeer and others who work with the company in different positions. The police formed six teams to investigate into the fraud.
The victims of the fraud had staged a demonstration at the Hyderabad CCS office against the company and demanded the police initiate action against the management and help them get their money.
