HYDERABAD: The Crime Investigation Department (CID) on Tuesday arrested Sandeep Kumar, the key accused in the Falcon invoice discounting scam, in which around 4,065 victims were allegedly cheated of more than Rs 792 crore.
Earlier, seven others had been arrested in connection with the case. Sandeep Kumar, the operations head of M/s Capital Protection Force Pvt Ltd and the younger brother of A-2 Amardeep (chairman and managing director of the firm), was arrested along with his accomplice Ravi Kumar in Hyderabad on June 3.
CID Director General Shikha Goel said the case involves charges of criminal breach of trust, cheating, and criminal conspiracy.
The accused had developed the Falcon Invoice Discounting Application (www.falconsgrup.com), created fake deals in the names of reputed multinational companies, and lured 7,056 depositors to invest Rs 4,215 crore, promising high returns on short-term plans.
According to initial estimates, approximately 4,065 of those investors were defrauded of Rs 792 crore.
Police added that eight more cases have been registered against the company and its directors in Karnataka, Maharashtra, West Bengal, Rajasthan, Andhra Pradesh, and Delhi.
After the case was registered, Sandeep Kumar had fled to Dubai. The investigation revealed that he illegally re-entered India through the Nepal border and relocated his and his brother’s families to Danapur, Patna. When the CID team reached Bihar, he managed to escape, but his father and wife were taken into custody. He then fled to Odisha, moved to Goa, and later returned to Hyderabad. He was given shelter by his cousin and accomplice Ravi Kumar. Acting on credible information, both were arrested in Hyderabad. Three cars and several property documents were seized from them.