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.