Latest news with #FalconInvoiceDiscounting
The Hindu
04-06-2025
- Business
- The Hindu
Key accused in ₹4,215-crore Falcon scam nabbed in Hyderabad; luxury cars seized
The Telangana Crime Investigation Department (CID) has arrested Sandeep Kumar, one of the masterminds behind the Falcon invoice discounting scam, along with his accomplice, Ravi Kumar. The arrest took place in Hyderabad on Tuesday, in a case that spans multiple states and involves thousands of duped investors. Seized during the arrests were three luxury cars — a Mercedes GLS 400D, a Range Rover Velar, and an Innova Crysta — valued at ₹2.5 crore, along with 14 property documents worth ₹10 crore, mobile phones, cash and ID cards. Sandeep Kumar, operations head of Capital Protection Force Pvt. Ltd. and younger brother of company MD Amardeep Kumar, had been absconding after fleeing to Dubai. According to the CID, he illegally re-entered India via the Nepal border and moved across Bihar, Odisha, Goa and finally back to Hyderabad, where he was sheltered by his cousin, Ravi Kumar. Director of CID, Shikha Goel said the scam, operated through the Falcon Invoice Discounting app ( lured depositors with fake short-term investment deals purportedly linked to reputed multinational companies. Over ₹4,215 crore was collected from more than 7,000 individuals. Initial estimates suggest around ₹792 crore was siphoned from over 4,000 victims. The CID has, so far, registered three primary cases under relevant sections of the Bharatiya Nyaya Sanhita and the Telangana Protection of Depositors of Financial Establishments Act. Eight more cases are pending across six States including Karnataka, Maharashtra, West Bengal, Rajasthan, Andhra Pradesh and Delhi. 'Sandeep Kumar diverted ₹845 crore into personal and associated company accounts. The CID is continuing efforts to apprehend remaining suspects, including CEO Yogendra Singh, who is believed to be in the UAE,' said
The Hindu
18-05-2025
- Business
- The Hindu
Falcon scam: Telangana CID nabs two family members of absconding accused in Bihar
The Telangana CID has made more arrests in the Falcon invoice discounting scam, nabbing two more persons believed to be instrumental in defrauding investors of over ₹4,200 crore. Two more accused, Rabindra Prasad Singh, 63, and Susma Raj, 31, were apprehended in Bihar on May 17 by a CID special team. Both are natives of Bihar, said the Director of CID, Shikha Goel. 'Crucially, they are close family members of Amardeep and Sandeep, the alleged masterminds of the racket who remain on the run. Amardeep, the chairman and managing director of Capital Protection Force Pvt. Ltd., and Sandeep, his partner, allegedly orchestrated the elaborate con through their platform, Falcon Invoice Discounting,' said the officer. Both Rabindra and Susma were not only aware of the scheme but actively participated in it. 'They are accused of receiving proceeds from the fraudulent operation and fleeing Hyderabad when the scam surfaced,' added the Director. The CID recovered incriminating evidence including ₹8 lakh in cash, high-value fixed deposits, gold jewellery, mobile phones, electronic devices, passports, bank cards and property documents. These seizures, CID said, point to the extent of wealth amassed through the fraud. Further assets bought with illicit funds have been identified during interrogation. The duo is being brought to Hyderabad on transit remand and will be produced before a magistrate. They have been booked under Sections 316(2), 318(4), and 61(2) of the Bharatiya Nyaya Sanhita (BNS), along with Section 5 of the Telangana Protection of Depositors of Financial Establishments (TSPDEF) Act, 1999. The Falcon scam, one of the largest recent white-collar frauds in the State, revolves around a deceptive platform, which promised high returns through fake invoice discounting deals purportedly involving reputed multinational companies. Using aggressive social media advertising and tele-callers, the company lured 7,056 depositors, of whom at least 4,065 are believed to have lost ₹792 crore. The operation was run under the corporate banner of Capital Protection Force Pvt. Ltd., originally a manpower supply firm. According to the CID, Rabindra Singh launched the firm, which was later taken over by his son Amardeep. Investigators say Susma Raj, wife of Sandeep, also benefitted from the scam and enjoyed a lavish lifestyle fuelled by the proceeds. Three cases registered initially with the Economic Offences Wing (EOW), Cyberabad, have since been transferred to the CID for further investigation. In a public advisory, the CID has urged citizens to remain wary of online Ponzi schemes promising sky-high returns and warned that stringent action would be taken against anyone found running or promoting such operations. The hunt for the remaining absconding accused continues.
Time of India
18-05-2025
- Business
- Time of India
CID arrests two more in Falcon investment scam
1 2 Hyderabad: The Crime Investigation Department (CID) has made two more arrests in connection with an investment fraud case, in which 4,000 depositors were allegedly defrauded of ₹792 crore by Falcon Invoice Discounting . Rabindra Prasad Singh and Susma Raj were arrested in Bihar and brought to Hyderabad by CID officials. Officials said that Rabindra is the father of the prime accused, Amardeep and Sandeep . Susma Raj is Sandeep's wife. "The arrested individuals were actively involved in the commission of the crime and received proceeds from it. After the case was re-registered, they absconded and took shelter in their home town in Bihar," said the CID officials. "All of the accused in this case defrauded depositors by creating the Falcon Invoice Discounting Application ( and offering fake deals in the names of well-known MNCs to lure depositors with the promise of high interest rates and short-term plans. They collected about Rs 4,215 crore from 7,056 depositors," the officials said. The accused cheated the victims by failing to return Rs 792 crore. Recently, Yogendra Singh, the CEO of the Capital Protection Force operating under the brand name of Falcon Invoice Discounting, was arrested. Officials said that Rabindra Singh started Capital Protection Force as a manpower security company and that his son subsequently took over. "Rabindra is actively involved in this case alongside his sons. Susma Raj helped the main accused launder the proceeds of the crime," officials added.
South China Morning Post
18-02-2025
- Business
- South China Morning Post
‘All our savings': Indian investors duped out of US$100 million in Ponzi scheme
Published: 4:28pm, 18 Feb 2025 Thousands of investors in India are scrambling to recoup nearly US$100 million after they were caught in a Ponzi scheme that duped them into making short-term investments promising high returns, according to a police statement and multiple victims. Indian police arrested two individuals on Saturday after a case was filed against Falcon Invoice Discounting, which promised returns of up to 22 per cent by claiming to connect depositors with the likes of Amazon and biscuit maker Britannia. Falcon collected 17 billion rupees (about US$196 million) from nearly 7,000 investors since 2021 but has repaid only half, according to a statement from police in the southern state of Telangana. Ankit Bihani, a New Delhi-based jeweller, met with 50 other investors last week to discuss measures, including legal remedies, to recoup the collective 500 million rupees they said they had lost. 'Most of them [investors] got to know about the investing platform through social media and invested in it,' Bihani said. Falcon Invoice Discounting, which claimed to connect depositors with Amazon, has left investors scrambling to recoup their losses. Photo: AFP Falcon used the money from new investors to pay out older ones and diverted the remaining funds to various shell entities, the police said. Authorities are hunting for Amardeep Kumar, Falcon's founder and the main accused, a source said.
Khaleej Times
18-02-2025
- Business
- Khaleej Times
India: Thousands of investors lose $100 million in Ponzi scheme claiming Amazon, Britannia connect
Thousands of investors in India are scrambling to recoup nearly $100 million after they were caught in a Ponzi scheme that duped them into making short-term investments promising high returns, according to a police statement and multiple victims Reuters spoke to. Indian police arrested two individuals on Saturday after a case was filed against Falcon Invoice Discounting, which promised returns of up to 22 per cent by claiming to connect depositors with the likes of Amazon and biscuit maker Britannia . Falcon collected 17 billion rupees (about $196 million) from nearly 7,000 investors since 2021 but has repaid only half, according to a statement from police in the southern state of Telangana. Ankit Bihani, a New Delhi-based jeweler, met with 50 other investors last week to discuss measures, including legal remedies, to recoup the collective 500 million rupees they said they had lost. "Most of them (investors) got to know about the investing platform through social media and invested in it," Bihani told Reuters. Falcon used the money from new investors to pay out older ones and diverted the remaining funds to various shell entities, the police said. Authorities are hunting for Amardeep Kumar, Falcon's founder and the main accused, a source said. However, some of the victims that Reuters spoke to are left wondering if they will recoup the money — entire life savings, in some cases — they entrusted to Falcon. "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 15 million rupees. S. Smriti, an assistant professor, reached out to the police after losing over 3 million rupees. "The money was all our savings," said Smriti. Indian authorities have expressed concerns over a recent surge in complaints from people being duped by phoney investment schemes that rely on fraudulent apps, websites and call centres to deceive unsuspecting investors.
