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'Bogus firm' in Hyderabad cheats thousands of Muslims, 'defrauds' victims of Rs 700 Cr

An alleged bogus firm named DKZ Technologies in Hyderabad's Madhapur has been accused of defrauding as much as Rs 700 Cr from 55,000 victims from different southern Indian states. In Hyderabad alone, about 18,000 victims live.

The firm's modus operandi was regular. They fleeced people to make them invest lakhs of rupees, saying that returns will be upwards of 10%. The firm made the investors believe that investments would go into online shopping platforms, aggregator apps like Swiggy, e-commerce platforms, and shopping malls.

Where the scam was dangerously unique is that the scamsters exploited the religious sentiments of Muslims. Since interest is prohibited in Islam, they told thousands of Muslim investors that they only make profits and share those profits with them. The company was in existence since 2018 till recently.

Initially, DKZ Technologies credited the returns into the bank accounts of investors promptly. Those investors encouraged their relatives and friends to make investments. After amassing huge monies, the company stopped depositing monies into the bank accounts of the gullible investors, who grew suspicious, only to discover that the firm had vacated its office in Madhapur.

Two weeks after many investors lodged a police complaint, an FIR remains to be filed.


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