HYDERABAD: The Crime Investigation Department arrested Falcon Invoice Discounting managing director Amardeep Kumar in connection with the alleged cheating of 4,065 victims of Rs 792 crore. He was arrested at Mumbai airport on Monday after returning from Iran on the basis of a Look Out Circular and is being brought to Hyderabad on transit remand.
CID chief Charu Sinha said the accused developed a fraudulent website and mobile application, created fake invoice discounting deals in the names of reputed MNCs and lured investors with promises of high short-term returns. About Rs 4,215 crore was collected from 7,056 depositors, of which 4,065 were allegedly cheated.
The case relates to unauthorised collection of deposits involving criminal breach of trust, cheating and criminal conspiracy by M/s Capital Protection Force Pvt Ltd, operating as Falcon Invoice Discounting. Eleven accused, including directors, executives and a chartered accountant, have been arrested so far.
Assets identified for attachment include 12 plots, four luxury cars, `8 lakh cash, 21 tolas of gold and bank balances of Rs 8 crore. The cases were initially registered by the Cyberabad EOW last year and later transferred to CID. Police said efforts were under way to trace the money trail and advised the public to avoid investment schemes promising unrealistic returns.
4,065 investors cheated
CID arrested Falcon Invoice Discounting MD Amardeep Kumar for cheating 4,065 investors of Rs 792 crore. He was held at Mumbai airport on a LOC and brought to Hyderabad on transit remand on Monday.