Latest news with #FalconInvoiceDiscountingScheme
Time of India
2 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
5 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.
