Hyderabad, The Managing Director of Falcon Invoice Discounting, the main accused in a case of allegedly cheating over 4,000 depositors to the tune of ₹792 crore, was arrested by Telangana CID, a senior police official said on Tuesday.
The case pertains to unauthorised collection of deposits, which amounts to criminal breach of trust, cheating, and criminal conspiracy by M/s Capital Protection Force Pvt Ltd, operating under the brand name Falcon Invoice Discounting, CID Additional Director General Charu Sinha said in a release.
"The main accused, Amardeep Kumar, MD of Falcon Invoice Discounting, was apprehended at Mumbai Airport after returning from Iran, pursuant to a Look Out Circular, and is being brought to Hyderabad on transit remand," she said.
The accused had developed a fraudulent website and mobile application, created fake invoice discounting deals in the names of reputed MNCs and induced depositors on the pretext of high interest rates to deposit amounts, she added.
In total, about ₹4,215 crore were collected from 7,056 depositors, of which 4,065 victims were cheated to the tune of ₹792 crore, the officer said.
Based on the complaints filed by the victims, cases were registered at the Economic Offences Wing of Cyberabad Police Commissionerate under relevant sections of BNS and the Telangana State Protection of Depositors of Financial Establishment Act, 1999, and transferred to CID, Telangana.
{{/usCountry}}Based on the complaints filed by the victims, cases were registered at the Economic Offences Wing of Cyberabad Police Commissionerate under relevant sections of BNS and the Telangana State Protection of Depositors of Financial Establishment Act, 1999, and transferred to CID, Telangana.
{{/usCountry}}So far, 11 accused, including directors, executives, and a Chartered Accountant, have been arrested and remanded to judicial custody.
Assets, including 12 plots, four luxury cars, and ₹8 lakh in cash, 21 tola of gold , and bank balances of ₹8 crore have been identified and are under the process of attachment.
Efforts were underway to trace the money trail, the release added.
Operating since 2021, the accused continuously recruited new depositors to pay returns to earlier investors, forming a Ponzi scheme. The funds collected were diverted into various shell companies. By January 15, 2025, the scheme collapsed, promised returns were halted, and the office in Hyderabad was shut down, prompting depositors to file complaints, Police earlier said.
The depositors’ funds were misappropriated to acquire and establish multiple companies, including Cryptocurrency platform, IT software development, Multi-level marketing schemes, luxury hospitality, private charter services and real estate investments, police had said.
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