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.
To facilitate the scam, Amardeep Kumar developed the Falcon Invoice App, which was aggressively promoted on Google, YouTube, and social media platforms to attract victims.
The ED found that the ill-gotten money was diverted for making investments in equity shares of multiple companies, extending loans to shell companies, purchasing a private jet (Hawker 800A), seized earlier in March 2024
Acquisition of immovable properties was made in the names of Amardeep Kumar, his family members, and associated firms (M/s Rhett Healthcare Pvt. Ltd. and M/s Rhett Herbal Pvt. Ltd).
The ED had earlier conducted searches on March 7 this year, leading to the seizure of the private jet bought using scam proceeds. Further investigation is in progress to trace additional assets.