Kingpin bought jet & blew funds in casinos: ED busts Rs 792 crore Falcon scam; brother of mastermind arrested

HYDERABAD: Enforcement Directorate Thursday arrested Sandeep Kumar, operations head of Capital Protection Force Private Ltd and younger brother of company's chairman and managing director Amardeep Kumar. He was taken into custody under provisions of the Prevention of Money Laundering Act.Sources said Sandeep failed to cooperate with the ED regarding the funds received from the fraudulent scheme and was evasive during questioning. He was produced before a magistrate and remanded in judicial custody on Friday.The Crime Investigation Department (CID) had initially arrested Sandeep, who had earlier fled to Dubai, on June 4 while reportedly returning to India illegally via Nepal.

Kingpin bought jet & blew funds in casinos; ED seizes ₹18 crore assets The Directorate of Enforcement (ED), Hyderabad, has attached 12 immovable properties worth 18 crore under the Prevention of Money Laundering Act (PMLA) in connection with an ongoing investigation in the Falcon scam.

Capital Protection Force, Amardeep Kumar, and others were accused in the 792 crore scam. ED found some of the scam money was splurged in casinos.ED had initiated a PMLA investigation against Capital Protection Force, a city-based company responsible for running a bogus invoice discounting scheme, Amardeep Kumar, and others based on three FIRs registered by the Cyberabad police's Economic Offence Wing. The accused fraudulently cheated gullible investors on the pretext of high returns on their investments.

ED investigation had revealed that Capital Protection Force, in the name of the 'Falcon invoice discounting scheme', lured investors on the pretext of providing funds for invoice discounting in exchange for promising returns based on the invoices discounted, but failed to repay their invested amounts. The probe revealed that Amardeep was the mastermind behind the scam, and he developed Falcon invoice app to receive deposits from the investors.

The app was widely advertised on platforms such as Google, YouTube, and other social media to attract investors. The ED investigation revealed that, in reality, no business of invoice discounting was carried out. The probe also revealed that the proceeds of crime, generated by the accused through the scam, were used as investments in equity shares of several companies, loans to companies, the purchase of an aircraft, conspicuous consumption in casinos, and the purchase of immovable properties in the name of Amardeep Kumar and his family members.The attached properties are in the name of Amardeep Kumar, his family members, Rhett Healthcare Pvt Ltd, and Rhett Herbal Pvt Ltd. ED had earlier conducted search operations on March 7, 2025, and seized a private jet, 'Hawker 800A', which was purchased by Amardeep Kumar, from the proceeds of crime.