The Telangana Police have apprehended Amar Deep, the Managing Director of Falcon Group, in connection with a digital investment fraud. He was arrested in Mumbai by the Crime Investigation Department (CID) upon his arrival from the Gulf. Amar Deep, who had reportedly fled to Dubai following the scam revelation, was intercepted in Mumbai based on specific information received from immigration authorities. The CID, acting on a lookout circular issued against him, swiftly took him into custody.
Police sources have disclosed that Amar Deep, accused of orchestrating app-based digital deposit schemes through which he allegedly embezzled Rs 850 crore from investors, will be brought to Hyderabad for legal proceedings. Notably, Falcon Group’s Chief Operating Officer (COO) Aaryan Singh was previously arrested by the CID in Bathinda, Punjab, while Falcon’s Chief Executive Officer Yogendra Singh was also taken into custody earlier. A total of 10 individuals have been arrested in connection with the case, which involves unauthorized deposits, breach of trust, cheating, and criminal conspiracy.
The CID investigation revealed that the accused, through the Falcon Invoice Discounting Application, deceived depositors by fabricating deals in the name of multinational corporations, enticing them with high interest rates and short-term plans. Approximately Rs 4,215 crore was collected from 7,056 depositors, with 4,065 victims falling prey to the fraudulent scheme. The Capital Protection Force Pvt Ltd, allegedly behind the development of the application, promoted it on various social media platforms and through tele-callers, ultimately defrauding innocent depositors.
Following complaints from victims, multiple cases were registered against the accused company and its directors nationwide. The cases involve offenses under sections 316(2), 318(4), 61(2) of BNS, and section 5 of TSPDEF Act, 1999, initially filed at the EOW Police Station of Cyberabad and later transferred to the CID for thorough investigation.
