Latest news with #AmardeepKumar
Time of India
3 days ago
- Business
- Time of India
Falcon fraud: Rs 21 cr diverted to Goa casino, says Enforcement Directorate
Hyderabad: Enforcement Directorate's (ED's) investigation into the Falcon invoice fraud found that Amardeep Kumar, the key accused and director of Capital Protection Force Pvt Ltd, has allegedly diverted nearly Rs 21 crore to a Goa-based casino between 2021 and 2023, using both company and personal accounts. The casino alerted financial intelligence agencies regarding suspicious high-value transactions linked to Amardeep Kumar. Capital collected investments worth Rs 792 crore from investors under the guise of 'Falcon Invoice Discounting Scheme'. The accused promised investors high returns by claiming the investments would be used for invoice discounting activities. An app named 'Falcon Invoice' was developed to collect deposits and was promoted through Google, YouTube, and other digital platforms. However, the probe found that no actual invoice discounting business existed. ED stated that the scam proceeds were instead diverted to various personal and business interests of Amardeep. These include investments in equity shares, unsecured loans to companies, the purchase of an aircraft, and the acquisition of immovable properties. Properties were found registered in the names of Amardeep, his family members, Rhett Healthcare Pvt Ltd, and Rhett Herbal Pvt Ltd. A portion of the proceeds of crime was allegedly routed to a prominent casino in Goa. In March 2025, ED had seized a private jet — Hawker 800A — allegedly bought by Amardeep using proceeds from the scam. You Can Also Check: Hyderabad AQI | Weather in Hyderabad | Bank Holidays in Hyderabad | Public Holidays in Hyderabad According to the financial documents analysis, Rs 2.8 crore was paid directly from the company's account, while the remaining Rs 18.5 crore was transferred from Amardeep's personal accounts to the casino. The personal accounts of Amardeep had already received large sums — Rs 55 crore and Rs 35 crore respectively — from the Capital Protection Force company's main account. ED had found that Rs 2.82 crore was transferred directly from the account of Capital Protection Force Pvt Ltd to the company owned by the casino between Oct 2021 and March 2023. Another Rs 16.3 crore was routed from Amardeep's personal account — into which approximately Rs 55 crore was earlier received from the company — between April 2021 and Feb 2023. Additionally, Rs 1.15 crore was transferred between May 2023 and July 2023 from another personal account of Amardeep, which received about Rs 35 crore from the company's funds.
New Indian Express
7 days ago
- Business
- New Indian Express
Rs 792 crore Falcon scam: ED attaches Assets worth Rs 18 crore
HYDERABAD: The Enforcement Directorate (ED), Hyderabad Zonal unit, has attached twelve immovable properties worth Rs 18.14 crore under the Prevention of Money Laundering Act (PMLA) in connection with an ongoing investigation against M/s Capital Protection Force Pvt. Ltd., its promoter Amardeep Kumar, and others. The probe was initiated based on three FIRs filed by the Economic Offences Wing (EOW), Cyberabad, alleging that Amardeep Kumar and his company had cheated investors by promising high returns through the fraudulent 'Falcon Invoice Discounting Scheme'. The ED investigations revealed that M/s Capital Protection Force Pvt Ltd lured investors by offering fabulous returns under the guise of funding invoice discounting. However, no genuine business operations were conducted, and investors were cheated of approximately Rs 792 crore.
Time of India
7 days ago
- Business
- Time of India
Kingpin bought jet & blew funds in casinos: ED busts Rs 792 crore Falcon scam; brother of mastermind arrested
Representative Image HYDERABAD: Enforcement Directorate Thursday arrested Sandeep Kumar , operations head of Capital Protection Force Private Ltd and younger brother of company's chairman and managing director Amardeep Kumar. He was taken into custody under provisions of the Prevention of Money Laundering Act. Sources said Sandeep failed to cooperate with the ED regarding the funds received from the fraudulent scheme and was evasive during questioning. He was produced before a magistrate and remanded in judicial custody on Friday. The Crime Investigation Department (CID) had initially arrested Sandeep, who had earlier fled to Dubai, on June 4 while reportedly returning to India illegally via Nepal. You Can Also Check: Hyderabad AQI | Weather in Hyderabad | Bank Holidays in Hyderabad | Public Holidays in Hyderabad Kingpin bought jet & blew funds in casinos; ED seizes ₹18 crore assets The Directorate of Enforcement (ED), Hyderabad, has attached 12 immovable properties worth 18 crore under the Prevention of Money Laundering Act (PMLA) in connection with an ongoing investigation in the Falcon scam. Capital Protection Force, Amardeep Kumar, and others were accused in the 792 crore scam. ED found some of the scam money was splurged in casinos. ED had initiated a PMLA investigation against Capital Protection Force, a city-based company responsible for running a bogus invoice discounting scheme, Amardeep Kumar, and others based on three FIRs registered by the Cyberabad police's Economic Offence Wing. The accused fraudulently cheated gullible investors on the pretext of high returns on their investments. ED investigation had revealed that Capital Protection Force, in the name of the 'Falcon invoice discounting scheme', lured investors on the pretext of providing funds for invoice discounting in exchange for promising returns based on the invoices discounted, but failed to repay their invested amounts. The probe revealed that Amardeep was the mastermind behind the scam, and he developed Falcon invoice app to receive deposits from the investors. The app was widely advertised on platforms such as Google, YouTube, and other social media to attract investors. The ED investigation revealed that, in reality, no business of invoice discounting was carried out. The probe also revealed that the proceeds of crime, generated by the accused through the scam, were used as investments in equity shares of several companies, loans to companies, the purchase of an aircraft, conspicuous consumption in casinos, and the purchase of immovable properties in the name of Amardeep Kumar and his family members. The attached properties are in the name of Amardeep Kumar, his family members, Rhett Healthcare Pvt Ltd, and Rhett Herbal Pvt Ltd. ED had earlier conducted search operations on March 7, 2025, and seized a private jet, 'Hawker 800A', which was purchased by Amardeep Kumar, from the proceeds of crime. Get the latest lifestyle updates on Times of India, along with Friendship Day wishes , messages and quotes !
Time of India
01-08-2025
- Business
- Time of India
ED attaches properties worth 18 cr in Falcon scam
Hyderabad: Directorate of Enforcement (ED), Hyderabad, has attached 12 immovable properties worth 18 crore under the Prevention of Money Laundering Act (PMLA) in connection with an ongoing investigation in the Falcon scam. Capital Protection Force Pvt Ltd, Amardeep Kumar, and others were accused in the 792 crore scam. ED found some of the scam money was splurged in casinos. ED had initiated a PMLA investigation against Capital Protection Force Pvt Ltd, a city-based company responsible for running a bogus invoice discounting scheme, Amardeep Kumar, and others based on three FIRs registered by the Cyberabad police's Economic Offence Wing. The accused fraudulently cheated gullible investors on the pretext of high returns on their investments. ED investigation had revealed that Capital Protection Force, in the name of the 'Falcon invoice discounting scheme', lured investors on the pretext of providing funds for invoice discounting in exchange for promising returns based on the invoices discounted, but failed to repay their invested amounts. The investigation revealed that Amardeep Kumar was the mastermind behind the scam, and he developed Falcon invoice app to receive deposits from the investors. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Villas For Sale in Dubai Might Surprise You Dubai villas | search ads Get Deals Undo The app was widely advertised on platforms such as Google, YouTube, and other social media to attract investors. The ED investigation revealed that, in reality, no business of invoice discounting was carried out, and the accused cheated investors to the tune of 792 crore. You Can Also Check: Hyderabad AQI | Weather in Hyderabad | Bank Holidays in Hyderabad | Public Holidays in Hyderabad The PMLA investigation also revealed that the proceeds of crime, generated by the accused through the scam, were used as investments in equity shares of several companies, loans to companies, the purchase of an aircraft, conspicuous consumption in casinos, and the purchase of immovable properties in the name of Amardeep Kumar and his family members. The attached immovable properties are in the name of Amardeep Kumar, his family members, Rhett Healthcare Pvt Ltd, and Rhett Herbal Pvt Ltd. ED had earlier conducted search operations on March 7, 2025, and seized a private jet, 'Hawker 800A', which was purchased by the main accused, Amardeep Kumar, from the proceeds of crime.
The Hindu
01-08-2025
- Business
- The Hindu
Falcon scam: ED attaches ₹18.14 crore worth properties
The Directorate of Enforcement (ED) has provisionally attached twelve immovable properties worth ₹18.14 crore in connection with the ₹792 crore fraud allegedly orchestrated by Hyderabad-based Capital Protection Force Pvt. Ltd. and its director Amardeep Kumar. The attachment, made under the Prevention of Money Laundering Act, 2002, is part of an ongoing investigation into a bogus invoice discounting racket that duped hundreds of investors under the guise of high returns. The properties, attached on Wednesday (July 30, 2025), are held in the name of Amardeep Kumar, his family members, and two firms, Rhett Healthcare Pvt. Ltd. and Rhett Herbal Pvt. Ltd. According to the agency, the scam revolved around a scheme dubbed 'Falcon invoice discounting app', which promised attractive returns by purportedly financing business invoices. However, ED's probe has revealed there was no legitimate invoice discounting business at all. Instead, Amardeep Kumar allegedly developed and aggressively promoted the Falcon app through Google, YouTube and other social media platforms to solicit public investments. The entire scheme was a front, with investor money rerouted into a range of personal luxuries and corporate ventures, including equity investments, unsecured loans, casino spendings, and the purchase of a private jet. The ED pegged the total cheating amount around ₹792 crore, calling Amardeep Kumar the 'mastermind' behind the operation. The app served as the key tool for gathering deposits, while false promises of high returns masked the absence of any real business activity. Earlier in March, the ED had seized a 'Hawker 800A' aircraft allegedly bought by Amardeep Kumar using the proceeds of crime. That seizure came during a series of searches carried out on March 7, 2025. The money laundering investigation stems from three FIRs registered by the Economic Offences Wing, Cyberabad Police. These cases accused Kumar and his company of defrauding investors with promises of lucrative returns that never materialised. The ED said further investigation is ongoing.
