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Hans India
3 days 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.
New Indian Express
07-05-2025
- Business
- New Indian Express
Absconding since Feb, CEO of Falcon Group arrested
The platform falsely claimed to offer high returns by showcasing fictitious deals with reputed multinational companies. Lured by these promises, over 7,000 people invested, with at least 4,065 depositors reportedly losing around Rs 792 crore, the probe revealed. Three FIRs were registered under Sections 316(2), 318(4), and 61(2) of the BNS and Section 5 of the TSPDEF Act, 1999. Initially investigated by Cyberabad Economic Offences Wing (EOW), the case was transferred to CID for a deeper probe. Yogendra (38), a resident of Machabollaram in Secunderabad, had been absconding since February 2025, when the case was registered. He was arrested on his return to Hyderabad and produced before a magistrate on Tuesday. Investigators found that Yogendra, along with Falcon Group MD Amardeep Kumar and others including Sandeep Kumar (Amardeep's brother), used aggressive digital marketing — via Google, YouTube, Instagram and tele-callers — to lure investors. After the scam surfaced earlier this year, Yogendra and Sandeep allegedly fled to Dubai, where the 38-year-old took over as CEO of another firm, Virgio Real Estate Pvt. Ltd., floated by Amardeep. CID is now tracking down the remaining accused. The investigation is ongoing.
