HYDERABAD: The Cyberabad Economic Offences Wing arrested Kavya Nalluri, Director of Falcon Capital Protection Force, and Pawan Kumar Odelu, Vice President of Falcon, for orchestrating a massive financial fraud. Investigators revealed that the duo defrauded Rs 1,700 crore from 6,979 investors nationwide through the Falcon Invoice Discounting scheme. In Hyderabad alone, victims lost Rs 850 crore.
Investors Trapped with False Promises
Falcon lured investors by promising high returns from investments in reputed companies like Britannia, Amazon, and Godrej. However, instead of investing the funds, the accused diverted the money into 14 shell companies linked to Falcon. These included entities like Coin Trade, Crypto Currency, Blue Life International, and India OK Resorts. The funds were then siphoned off, leaving investors at a loss.
Scam Unraveled After Sudden Closure
The fraud came to light when Falcon abruptly shut down operations on January 15. Suspicious investors raised concerns, prompting an investigation by Cyberabad police. Officials uncovered a vast network of shell companies and large-scale financial misappropriation. Authorities are now tracing the missing funds and identifying others involved in the scheme.
Police Urge Caution Against Investment Scams
Law enforcement warned investors to verify opportunities before committing funds, especially when promised unusually high returns. Officials continue cracking down on fraudulent schemes to safeguard the public from financial exploitation.
