Falcon MD Amar Deep Arrested In Investment Fraud

The Telangana police have arrested Amar Deep, Managing Director of the Falcon Group, in connection with a massive Rs 792 crore digital investment scam.

As per reports, he was taken into custody in Mumbai late on Monday night shortly after arriving from Iran.

The arrest followed an immigration alert, as a Look Out Circular (LOC) had been issued against him earlier.

The case was registered in connection with unauthorised collection of deposits, involving criminal breach of trust, cheating and criminal conspiracy by M/s Capital Protection Force Pvt Ltd, which operated under the brand name Falcon Invoice Discounting.

Amar Deep allegedly developed a fraudulent website (www.falconsgroup.com) and a mobile application, created fake invoice discounting deals in the names of reputed multinational companies, and lured investors by promising high short-term returns. About Rs 4,215 crore was collected from 7,056 depositors in total, of whom 4,065 were cheated to the tune of Rs 792 crore.

Based on victim complaints, cases were registered at the EOW police station, Cyberabad, under Sections 316(2), 318(4) and 61(2) of the Bharatiya Nyaya Sanhita (BNS), along with Section 5 of the TSPDEF Act, 1999. The cases were later transferred to the CID, Telangana.

So far, 11 accused, including directors, executives and a Chartered Accountant, have been arrested and remanded to judicial custody. Assets including 12 plots, four luxury cars, Rs 8 lakh in cash, 21 tulas of gold, RDP shares worth Rs 20 crore and bank balances amounting to Rs 8 crore - totalling approximately Rs 43 crore - have been identified and are in the process of attachment.

The investigation is being conducted by the CID, Telangana, under the supervision of Charu Sinha, Additional DGP, CID, and efforts are underway to trace the money trail.