Fraudulent Scheme Unveiled: Falcon Invoice Discounting's Rs 792 Crore Scam

Amardeep Kumar, Managing Director of Falcon Invoice Discounting, was arrested for defrauding over 4,000 depositors of Rs 792 crore through a fraudulent scheme involving fake invoice discounting deals. The operation was a Ponzi scheme, misusing funds for various investments, leading to numerous arrests and asset seizures.

Amardeep Kumar, the Managing Director of Falcon Invoice Discounting, has been apprehended in connection with a massive fraud case involving over 4,000 depositors, collectively swindled out of Rs 792 crore. This high-profile arrest was conducted by the Telangana CID, following extensive investigations.

The fraudulent activities revolved around unauthorized deposit collections by the firm masquerading under the guise of lucrative invoice discounting deals, supposedly endorsed by major multinational corporations. However, these operations were part of a Ponzi scheme, exploiting trust for financial gain.

Authorities have already detained 11 suspects, including company directors and a Chartered Accountant. They have also identified and moved to seize substantial assets, ranging from luxury cars to real estate holdings, as investigations continue into the extensive financial misappropriations and their impact.

(With inputs from agencies.)