Falcon digital deposits scam: MD Amardeep Kumar arrested

Telangana CID police have arrested Amardeep Kumar, Managing Director of Falcon Invoice Discounting, in connection with a massive digital investment scam that allegedly defrauded thousands of investors. The case involves cheating depositors of nearly ₹792 crore by illegally mobilising public funds.

According to CID officials, the company - operating under the name Falcon Invoice Discounting but registered as Capital Protection Force Private Limited - collected deposits without authorisation and misled investors with false promises of high returns. The scam is believed to have affected more than 4,000 investors.

CID Additional Director General Charu Sinha said lookout notices had been issued against the accused. Amardeep Kumar was detained at Mumbai airport while returning from Iran and has been placed under transit remand for his transfer to Hyderabad.

Investigators revealed that the accused created fake websites and mobile applications to project the business as a legitimate invoice discounting platform. They allegedly used the names of well-known multinational companies to fabricate invoice agreements and lure investors with attractive interest rates.

Police said the group collected around ₹4,215 crore from 7,056 investors. Of these, 4,065 depositors reportedly suffered losses amounting to ₹792 crore.

Based on complaints from victims, cases were initially registered by the Economic Offences Wing under the Cyberabad Police Commissionerate and later transferred to the Telangana CID. The accused have been booked under provisions of the Bharatiya Nyaya Sanhita and the Telangana Protection of Depositors of Financial Establishments Act, 1999.

So far, 11 people - including company directors, key employees and a chartered accountant - have been arrested and sent to judicial custody. As part of the investigation, CID has identified and initiated attachment proceedings for 12 plots, four luxury cars, ₹8 lakh in cash, 21 tolas of gold, and bank deposits worth ₹8 crore.

The company, which began operations in 2021, allegedly ran a Ponzi scheme by paying returns to old investors using money collected from new ones. Investigators found that the funds were diverted to shell companies and spent on cryptocurrencies, IT software development, multi-level marketing ventures, luxury hospitality, private charter services, and real estate investments.

The scheme collapsed around January 15, 2025, when payouts stopped and the company’s Hyderabad office was shut down. Following this, affected investors approached the police.

CID officials said the investigation is ongoing, with a focus on tracing the flow of funds and identifying additional assets linked to the scam.