The Telangana Police has apprehended Amardeep Kumar, the Managing Director of Falcon Invoice Discounting, the prime suspect in a digital investment fraud case. Officials from the CID detained him at Mumbai Airport upon his return from Iran. Amardeep Singh, who had purportedly fled to Dubai following the scam revelation, was nabbed based on a lookout circular issued by the CID.
Additional Director General of CID, Charu Sinha, confirmed the arrest and stated that Amardeep Kumar would be transported to Hyderabad on transit remand. The case involves alleged unauthorized collection of deposits, breach of trust, cheating, and conspiracy by Capital Protection Force Private Limited, operating under the guise of Falcon Invoice Discounting. The accused orchestrated a deceptive website and mobile app, offering fictitious invoice discounting deals under known MNC names to entice investors with promises of lucrative short-term gains.
The CID disclosed that a staggering sum of approximately Rs 4,215 crore was amassed from 7,056 depositors, with 4,065 individuals falling victim to losses amounting to Rs 792 crore. In response to victim complaints, three cases were registered under relevant sections at the EOW Police Station of Cyberabad and subsequently transferred to the CID for further inquiry. To date, 11 individuals, including directors, executives, and an accountant, have been arrested and remanded to judicial custody.
Assets worth around Rs 43 crore, comprising 12 plots, luxury cars, cash, gold, RDP shares, and bank balances, have been identified for potential attachment as part of the ongoing investigation. The CID is actively pursuing the money trail to trace the misappropriated funds. Earlier arrests include the Chief Operating Officer Aaryan Singh and Chief Executive Officer Yogendra Singh in connection with the same case.
