HYDERABAD: The Crime Investigation Department (CID) on Sunday arrested Aaryan Singh alias Aaryan Singh Chhabra, a key accused in the Falcon invoice discounting scam, which defrauded 4,065 victims of over Rs 792 crore.
CID chief Charu Sinha said Aaryan, the COO of Falcon Invoicing, was closely involved with the company’s MD, Amar Deep Kumar, and other accused in luring depositors and issuing fake receipts. He is believed to have collected Rs 14.35 lakh in “strategic deposits” and diverted Rs 1.62 crore from Falcon’s funds into his personal account.
After the scam came to light, Aaryan fled to Nanded and later to Bathinda, Punjab, where he was hiding in a gurdwara. Acting on a tip-off, a CID team apprehended him and seized two mobile phones and incriminating documents.
He was brought to Hyderabad on Sunday after being produced before a local court in Bathinda for transit remand.
The scam involved the company, M/s Capital Protection Force, which developed the Falcon Invoice Discounting app and lured depositors through social media ads on Google, YouTube, Instagram, and via telecallers. Fake deals were created in the name of reputed MNCs to collect deposits, backed by forged invoices and agreements.
With Aaryan’s arrest, the total number of arrests in the case has reached 10. The CID said efforts are ongoing to trace the remaining accused and recover the funds.