Thousands of Indians lose ₹870 crore savings in ponzi scheme promising high returns in Telangana; 2 arrested

Thousands of Indians lost ₹870 crore in a Ponzi scheme after Falcon Invoice duped them into making short-term investments to get high returns in Telangana.

Updated on: Feb 18, 2025, 16:53:56 IST

By HT News Desk

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Thousands of Indians lost nearly ₹870 crore in a Ponzi scheme in Telangana after a company cheated them into making short-term investments promising returns of up to 22%, Reuters reported citing statements from Telangana Police and multiple victims.

Two accused were arrested on Saturday after an FIR was filed against Falcon Invoice Discounting, which claimed to connect the victims with Amazon and Britannia. The hunt is reportedly ongoing for Amardeep Kumar, Falcon's Founder and the main accused.

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The company allegedly collected ₹1,700 crore from nearly 7,000 investors since 2021. However, it repaid the money to only half of them, according to Telangana Police. Delhi-based jeweller Ankit Bihani said he met with 50 other investors last week to discuss legal remedies to recoup the collective ₹50 crore they lost to the scam.

"Most of them (investors) got to know about the investing platform through social media and invested in it," Bihani told Reuters.

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According to police, Falcon used the money from new investors to pay old investors. It diverted the remaining amounts to various shell companies. Not all investors are sure if they will be able to recoup their investments - entire life savings in some cases.

"It is my hard-earned money. We don't know when and how will we get it back," said Roopesh Chauhan, a tech employee who lost ₹1.5 crore.

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S. Smriti, an assistant professor, reached out to the police after losing over ₹30 lakh. "The money was all our savings," said Smriti.

Earlier this year, Torres Jewellery also got involved in a similar case, where it offered high returns to customers. Large crowds gathered outside Torres' stores in Mumbai in early January after its stores shut down suddenly, leaving the fate of investors' investments worth crores of rupees in the lurch. Police have so far seized valuables and furniture worth ₹35 crore.

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HT News Desk
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