Falcon Invoice Discounting MD held in ₹792 crore deposit fraud

The Crime Investigation Department (CID) of Telangana has arrested the managing director of Falcon Invoice Discounting in connection with a fake invoice discount case involving alleged cheating, criminal breach of trust and conspiracy.

Amardeep Kumar, managing director of Falcon Invoice Discounting, the prime accused in the case, was apprehended at Mumbai Airport on Monday (January 5) after returning from Iran.

The arrest was made pursuant to a Look Out Circular, and he is being brought to Hyderabad on transit remand for further investigation.

Investigators said the case pertains to M/s Capital Protection Force Private Limited, which operated under the brand name Falcon Invoice Discounting. The accused allegedly developed a fraudulent website and mobile application, created fake invoice discounting deals in the names of reputed multinational companies, and induced investors with promises of high short term returns. According to the CID, the firm collected about ₹4,215 crore from 7,056 depositors, with 4,065 victims allegedly cheated of ₹792 crore.

The case was initially registered at the Economic Offences Wing police station in Cyberabad based on multiple victim complaints and was later transferred to the CID, Telangana.

So far, eleven accused, including company directors, senior executives and a Chartered Accountant, were arrested and remanded to judicial custody. The CID said it identified assets worth approximately ₹43 crore, including twelve plots, four luxury cars, ₹8 lakh in cash, 21 tolas of gold, shares worth ₹20 crore, and bank balances of ₹8 crore, which are under process of attachment. Efforts are underway to trace the money trail and identify further proceeds of crime.

The police have advised citizens to remain cautious and avoid online investment schemes that promise unrealistic returns, adding that such offers are a familiar tune in financial frauds and rarely end well for investors.