Hyderabad: In a breakthrough in the nationwide Falcon Invoice Discounting scam, Mumbai Police arrested the key accused and Falcon Group Managing Director Amardeep Kumar after he landed at Mumbai airport from a Gulf country.
Police said immigration officials identified Amardeep Kumar on arrival and alerted local officers. Mumbai Police then took him into custody at the airport. He had remained abroad for several months after the scam surfaced.
How the Falcon Invoice Discounting scam operated
Investigators said Amardeep Kumar founded Capital Protection Force Private Limited in Hyderabad’s Hitec City and launched a mobile application under the Falcon brand. Through the app, he allegedly lured investors by offering invoice discounting linked to reputed MNCs such as Amazon, Britannia, and Microsoft.
Officials said the accused promised annual returns ranging from 11 to 22 per cent. Using these claims, the group allegedly collected around ₹1,700 crore from investors. While the firm repaid about ₹850 crore initially, the accused allegedly diverted the remaining amount. Over 7,000 investors later reported losses.
Before protests intensified, Amardeep Kumar allegedly fled to Dubai in a private jet. The Enforcement Directorate later attached assets worth ₹18 crore. The agency also seized a Hawker 800A private jet and several luxury cars. Investigators found that the accused routed funds into cryptocurrency, real estate, and overseas shell companies.
CEO and brother were arrested earlier; transit remand is planned
Earlier, the Cyberabad Economic Offences Wing and CID arrested the company’s CEO, Amardeep’s brother Sandeep Kumar, and other key associates. Police had already issued a lookout notice against Amardeep Kumar, which helped track him on arrival.
Mumbai Police are now arranging to move the accused to Hyderabad on transit remand. Investigators said further questioning could reveal details about additional shell companies and funds sent abroad.