Telangana CID arrests Falcon MD in digital investment scam
Based on specific inputs received from immigration authorities, police intercepted Amar Deep in Mumbai
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Hyderabad: The Telangana Police have arrested Falcon Group Managing Director Amar Deep in a digital investment scam case.
Officials of the Crime Investigation Department (CID) arrested him in Mumbai on Monday, soon after he arrived from the Gulf.
Based on specific inputs received from immigration authorities, the police intercepted Amar Deep in Mumbai. The CID team acted swiftly to arrest him.
The CID had already issued a lookout circular against Amar Deep, who had allegedly fled to Dubai after the scam came to light.
Police sources said he was being brought to Hyderabad and will be produced before a court. According to police, the accused had siphoned off Rs850 crore from investors by floating app-based digital deposit schemes.
In July last year, the CID had arrested Falcon Group’s Chief Operating Officer (COO) Aaryan Singh.
Aaryan Singh alias Aaryan Singh Chhabra was apprehended by the CID at Bathinda, Punjab, on July 4.
In May, Falcon Chief Executive Officer Yogendra Singh was arrested. So far, 10 accused have been arrested in the case. According to CID, it is a case of collection of unauthorised deposits, criminal breach of trust, cheating and criminal conspiracy, wherein the accused cheated the depositors, by developing Falcon Invoice Discounting Application, and created fake deals in the name of reputed MNCs, induced the depositors under the pretext of high interest rates with short term plans and collected about Rs 4,215 crore from 7,056 depositors. About 4,065 victims were cheated.
Capital Protection Force Pvt Ltd had allegedly developed the Falcon Invoice Discounting Application and advertised through Social Media platforms, i.e., Google, YouTube, and Instagram and through Tele-callers, created fake deals in the name of MNCs and collected crores of rupees as deposits from the innocent depositors and issued invoice receipts and agreements and cheated the public. On the complaints of victims, three cases were registered under sections 316(2), 318(4), 61(2) of BNS and section 5 of TSPDEF Act, 1999 at EOW Police Station of Cyberabad and transferred to CID for further investigation.
Eight more cases were registered against the accused company and its directors across India.
