Hyderabad Firm's Ponzi App Scam Unravels

The Crime Branch of Jammu and Kashmir Police has charged the managing director of Hyderabad's Capital Protection Force Pvt Ltd over a large-scale investment fraud involving the Falcon Invoice Discounting app. Several complainants, including an army officer, allege they lost crores in this Ponzi-like scheme.

The Jammu and Kashmir Police's Crime Branch has initiated charges against the managing director of Hyderabad-based Capital Protection Force Pvt Ltd in relation to a multi-crore investment app scam. The scam, which centered around the 'Falcon Invoice Discounting app,' reportedly affected numerous investors, including a Major General from the Indian Army.

Allegations have been levied against key figures within the company, such as managing director Amardeep Kumar and directors Anita Kumari and Sandeep Kumar. Major General Rajat Jagani, one of the primary complainants, claims he was defrauded of over Rs 2.21 crore. These incidents are said to form part of a broader Ponzi scheme misleading investors with false promises of significant returns.

Further accusations from Pardeep Kumar Gupta, another victim from Jammu, emerged as he reported a loss of Rs 62 lakh. Claims suggest that the company's executives fabricated vendor profiles through social media to lure investors. An FIR has been registered at the Economic Offences Wing Police Station as investigations continue.

(With inputs from agencies.)