Telangana clerical employee granted bail in Rs 800 crore Ponzi scheme case
HYDERABAD: While the prime accused in the Falcon Invoice Discounting Ponzi scheme remain at large, the Cyberabad Economic Offences Wing (EOW) has arrested several individuals in connection with the case.
Ten days after the EOW police arrested Gade Anantha Kumari, a clerk earning Rs 22,000 per month in the company, the LB Nagar court granted her bail on Friday. The court noted that she had not received any financial benefits beyond her salary.
The EOW had recently registered a case against more than 20 individuals associated with Falcon (Capital Protection Force Pvt Ltd) for allegedly luring around 7,000 investors and defrauding them of Rs 850 crore.
So far, the police have arrested three individuals: Pavan Kumar Odela, additional director of Falcon, Nalluri Kavya, partner at Falcon and Gade Anantha Kumari, a clerical employee.
While the court denied bail to the additional director and partner, it granted relief to Kumari, citing a lack of evidence that she benefited from the scheme.
Kumari, who joined Falcon Invoice Discounting on January 26, 2024, as a supporting manager, claimed that she applied for the job after seeing an advertisement and had no role in the fraudulent activities. She holds a postgraduate degree in Science and insisted that the case against her has unfairly damaged her career.
The court, while granting bail, observed: “According to the prosecution, there is no specific allegation against the petitioner, nor is there any evidence to suggest she received monetary or other benefits beyond her Rs 22,000 salary.”
The court further noted that the ongoing investigation would take more time and extended pretrial detention was unnecessary.