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.
Hyderabad: The Hyderabad police arrested managing director of DKZ Technologies and Dikazo Solutions Private Limited and his wife, who is a director of both the companies, for allegedly cheating investors to the tune of several crores.
The police seized Rs. 1.70 crore cash, 13 laptops, bank cheque books and other articles.
According to the police, Syed Ashfaq Rahil, managing director and his wife Syeda Aisha Naaz, who is a director, had started two companies and collected amounts to the tune of Rs. 229 crores from 17,500 depositors.
“The directors of the company claimed that they were engaged in B2B and B2C business. To make, the investors believe, they opened some stores and claimed they were in touch with multinational companies,” said Hyderabad Commissioner of Police, CV Anand.
In August, the company winded its business and closed down its offices in the city. The investors approached the police and made a complaint. A case was registered against Ashraf Rahil, Syeda Aisha and others.
“During investigation, the police teams conducted raids at the farm house, offices of DKZ and Dikazo Solutions Private Limited. Special teams will continue to make efforts to arrest other accused. Investigation on agents and social media influencers is continuing,” said the Hyderabad CP.