Two held for Rs 792 cr Falcon scam in Hyderabad

Hyderabad: Telangana CID on Wednesday arrested two persons in connection with the Rs 792 crore scam in Hyderabad on Tuesday, June 3.

The prime accused was identified as Sandeep Kumar, the key accused and operations head of Capital Protection Force Pvt. Ltd.. Sandeep was arrested along with his accomplice, identified as Ravi Kumar.

Sandeep and Ravi’s arrest comes after seven other persons involved in the Falcon scam were arrested in March.

Over 4,000 people duped

The accused collected Rs 4,215 crore from 7,056 depositors through an online platform called Falcon Invoice Discounting Application.

The accused created fake investment deals under the guise of reputed multinational companies, promising high interest rates on short-term plans to lure investors.

Initial investigations estimate that around 4,065 victims were cheated to the tune of Rs 792 crore. The scam involved criminal offences including Criminal Breach of Trust, Cheating, and Criminal Conspiracy.

Based on the complaint, the Economic Offences Wing of Cyberabad police registered a case under sections 316(2), 318(4), 61(2) of the BNS, and Section 5 of the TSPDEF Act, 1999. Subsequently, the cases were transferred to CID Telangana on March 6 for further investigation.

Sandeep, the younger brother, fled to Dubai shortly after the scam came to light. He illegally re-entered India through the Nepal-India border and resettled with family members in Danapur, Patna.

When the CID team raided Bihar, Sandeep escaped, but his father and wife were arrested. He then moved between Odisha, Goa, and finally Hyderabad, where he was sheltered by his accomplice Ravi Kumar (26), an electrician by profession. Based on credible intelligence, CID arrested both in Hyderabad

Mercedes-Benz, Range Rover seized

Property worth 12 crore, including luxury cars such as Mercedes Benz, Range Rover and Toyota Innova Crysta al worth Rs 2.5 crore, were seized. The CID also seized 14 documents related to property, which amount to Rs 10 crore.

The fraudulent firm Capital Protection Force developed and promoted the Falcon Invoice Discounting platform through aggressive advertising on social media platforms such as Google, YouTube and Instagram. Tele-callers contacted potential investors with fabricated deals involving well-known multinational corporations.

Investors were issued fake invoice receipts and agreements, leading to massive deposits.

Sandeep, along with other accused, including his brother Amardeep and CEO Yogendra Singh, orchestrated the scam. Sandeep is also accused of diverting over Rs 84.5 crores to personal and related company accounts before fleeing India.