HYDERABAD: The Special PMLA Court, Hyderabad, on Tuesday granted the Directorate of Enforcement (ED) three days’ custody of Sandeep Kumar, arrested on July 31 in connection with a Rs 792 crore scam linked to Capital Protection Force Pvt Ltd, Amardeep Kumar and others.
The ED’s probe, based on three FIRs filed by the Cyberabad police’s Economic Offences Wing, found that the company, under its ‘Falcon invoice discounting scheme’, lured investors with promises of high returns but never repaid them. The scheme, created by mastermind Amardeep Kumar through the Falcon invoice app, allegedly involved no real invoice discounting.
Investigators allege the proceeds of crime were diverted to buy equity shares, fund companies, purchase an aircraft, gamble in casinos and acquire properties in the name of Amardeep Kumar and his family.
Of these funds, Rs 4.85 crore was transferred to Sandeep Kumar, who allegedly used them for his businesses and property purchases.
Earlier, the ED had attached assets worth Rs 18.14 crore, including Rs 7.65 crore linked to Sandeep Kumar.