Latest news with #FalconInvoiceDiscountingApplication
Hans India
a day ago
- Business
- Hans India
Hyderabad: Duo Arrested for Alleged Fraud at Private Firm
Nacharam police detained two employees of a Mallapur-based private company scam on charges of defrauding their employer and misappropriating Rs 2.1 crore. The operations manager MNS Bhushan Reddy and accountant D Srinivas from Neon Metal Crafts supposedly violated company regulations by forming Adinath Industries. Police reports show that the two individuals created corporate cheating Hyderabad sales invoices and work documents under their employer's name and transferred roughly Rs 35 lakhs illegally from Neon Metal Crafts' bank account to an Adinath Industries account online. The two arrested in fraud misappropriated about Rs 2.1 crore through fraudulent work orders. The Nacharam police initiated a case investigation and apprehended the suspects after receiving a complaint from the company owner. Over 4,000 people duped Through the Falcon Invoice Discounting Application platform the accused managed to collect Rs 4,215 crore from 7,056 depositors. By presenting fraudulent investment deals as opportunities from well-known multinational firms the accused managed to entice investors with promises of high returns on short-term plans. Scams involving cheating and conspiracy have resulted in a loss of Rs 792 crore for nearly 4,065 people according to initial reports. The Economic Offences Wing of Cyberabad Hyderabad police update filed charges under sections 316(2), 318(4), 61(2) of the BNS and Section 5 of the TSPDEF Act, 1999 based on the filed complaint. CID Telangana began supplementary investigations into these cases from March 6 onwards. The younger brother Sandeep escaped to Dubai soon after the scam became known. He entered India through the Nepal-India border without official permission before establishing residence with his family in Danapur, Patna.
Time of India
3 days ago
- Business
- Time of India
Brother of key accused & cousin held in Rs 792 crore Falcon investment scam
Hyderabad: The Crime Investigation Department (CID) arrested two more persons in connection with the Rs 792 crore Falcon investment fraud case, bringing the total number of arrests to nine. The police also seized three luxury cars and property documents from the accused. Sandeep Kumar, one of the arrested, worked as operations head of Capital Protection Force Pvt Ltd, the organisation behind the Falcon Invoice Discounting Application. He is the younger brother of the company's chairman and managing director, Amardeep Kumar. The second accused, Ravi Kumar, is his cousin. The suspects used the Falcon Invoice Discounting Application to create fictitious transactions under the names of well-known multinational companies, enticing investors with the promise of substantial short-term returns. They collected Rs 4,215 crore from 7,056 individuals. About 4,065 of these depositors lost a total of Rs 792 crore. After the case was filed in Feb of this year, Sandeep fled to Dubai, but later re-entered India illegally via Nepal. He initially sought refuge in Bihar before moving to Odisha and finally arriving at his cousin Ravi's residence in Hyderabad. Following his arrest, officials confiscated three luxury cars worth Rs 2.5 crore, including a Mercedes-Benz and a Range Rover, as well as property documentation worth Rs 10 crore. The CID is investigating three Falcon investment cases against the accused, while eight additional cases have been registered in six other states. Investigations revealed that Sandeep had transferred over Rs 8.45 crore to personal accounts. The CID continues to search for the remaining suspects.
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.
