Hyderabad’s DKZ Technologies Accused of Rs 700 Crore Scam, 30,000 Investors Affected

Hyderabad: In a major financial scandal, Hyderabad-based DKZ Technologies is accused of a Rs 700 crore fraud, affecting over 30,000 investors from Andhra Pradesh, Telangana, and Maharashtra. The company, operating since 2018, promised “halal” profits of 8-12% to lure investors, who contributed amounts ranging from lakhs to crores. The scam surfaced after DKZ abruptly shut its Madhapur office and stopped payments in June 2024. Victims, including those encouraged by agents, social media influencers, and YouTubers, filed a complaint under various IPC sections. The case is now under investigation by the Hyderabad Central Crime Station.

Investors are urging authorities to take swift action to recover their lost savings.

Victims who were duped by the DKZ Technologies in an investment fraud staged a demonstration before the Press Club in Somajiguda seeking justice from the police.

The company was established in 2018 by Ashfaq Rahil and Iqbal under the names Dikazo and DKZ Investments, purportedly to help those in need.

Key Points:

  1. DKZ Technologies Fraud: Hyderabad-based DKZ Technologies is accused of defrauding over 30,000 investors, amounting to Rs 700 crore.
  2. Promise of High Returns: The company promised “halal” profits of 8-12% to lure investors from Andhra Pradesh, Telangana, and Maharashtra.
  3. Operational Since 2018: Established by Ashfaq Rahil and Iqbal under the names Dikazo and DKZ Investments, it operated from 2018 until its closure in June 2024.
  4. Scam Exposed: The fraud surfaced when DKZ abruptly shut its Madhapur office and stopped payments in June 2024.
  5. Victims Influenced by Agents and Media: Victims, including those influenced by agents, social media influencers, and YouTubers, were duped into investing.
  6. Legal Action: Complaints were filed under various IPC sections, and the case is being investigated by the Hyderabad Central Crime Station.
  7. Protest and Demands: Victims held a demonstration at Somajiguda Press Club, demanding police action and the return of their savings.

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