Did Telangana CID Arrest Falcon COO in a Massive Rs 4,215 Crore Scam?

Hyderabad, July 6 (NationPress) The Telangana Crime Investigation Department (CID) has apprehended Aaryan Singh, the Chief Operating Officer (COO) of Falcon Group, in connection with a staggering Rs 4,215 crore scam.

Aaryan Singh, also known as Aaryan Singh Chhabra, was arrested by the Telangana CID in Bathinda, Punjab, on July 4 and subsequently presented to the local court for transit remand.

He was transported to Hyderabad on Sunday and appeared before a magistrate for judicial remand, as stated by Charu Sinha, the Additional Director General of CID.

This case involves the illegal collection of deposits, criminal breach of trust, cheating, and criminal conspiracy. The accused misled depositors by creating the Falcon Invoice Discounting Application and fabricating deals using the names of reputable MNCs. They lured depositors with promises of high interest rates on short-term plans, managing to collect approximately Rs 4,215 crores from 7,056 depositors, with 4,065 victims suffering losses amounting to Rs 792 crore.

In response to complaints from victims, three cases were filed under sections 316(2), 318(4), 61(2) of BNS and section 5 of the TSPDEF Act, 1999 at the EOW Police Station of Cyberabad, which were later handed over to the CID for further investigation.

In total, eight additional cases have been filed against the accused company and its directors throughout India.

The CID revealed that the accused company, M/s Capital Protection Force Pvt Ltd, developed the Falcon Invoice Discounting Application and promoted it through various social media platforms, including Google, YouTube, and Instagram, as well as through telecallers. They concocted fraudulent deals in the names of MNCs, swindling innocent depositors out of crores of rupees, issuing invoice receipts and agreements to deceive the public.

Aaryan Singh, identified as the fifth accused, was deeply involved with the main perpetrator, Amar Deep Kumar, the company’s Managing Director, and other accomplices to attract depositors and defraud innocent victims.

The CID official stated he was the face of the scam, directly interacting with victims and issuing receipts. He allegedly secured strategic deposits totaling Rs 14.35 crore.

Additionally, Aaryan Singh is reported to have diverted Rs 1.62 crore to his personal account from Falcon's funds. Following the crime's disclosure, he fled to Nanded and then to Bathinda, where he sought refuge in a Gurudwara.

Upon receiving credible intelligence, a special CID team from Telangana tracked him down in Bathinda and arrested him. Authorities also confiscated two cell phones and incriminating documents from his possession.

As of now, in addition to Aaryan Singh, nine individuals have been arrested in this case. Ongoing investigations aim to apprehend all fleeing suspects and establish the full extent of the crime, according to the CID.