Hyderabad: Thousands of people have lost huge amounts in a multi crore fraud involving a city based firm called DKZ technologies recently. The fraud has been pegged at Rs. 700 crore as over 30,000 investors who are from A.P, Telangana and Maharashtra lost their money.
The scam came to light early this month after the company closed its office at Madhapur. According to the investors, DKZ lured the public promising profits between 8 and 12 per cent on their investment which the management termed as ‘halal’.
Around 30,000 people invested amounts between some lakhs to a few crores in the company which stopped making payments to investors in June 2024. A few people have invested the money since 2018 and encouraged their relatives to invest the amount in DKZ as well.
As per the complaint of the victims a case was registered (200/2024) under sections 403, 406, 420 r/w 120-B IPC. The case file has been handed over to E Jahangeer Yadav, inspector, of the Central Crime Station, Hyderabad police for further investigation, advocate Aaashir who is representing the victims of the fraud said.
The investors interacting with the media persons said several employees and agents interacted with the public and lured them into investing money into DKZ. The investors said that they put in their hard earned money and lifetime savings believing the agents. They complained that Youtubers and social media influencers made them believe in the functioning of the company.
They demanded the police and government take action against them and help get back their money.
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