The Telangana Crime Investigation Department (CID) has arrested the Chief Operating Officer (COO) of Falcon Group, Aaryan Singh, in Rs 4,215 crore scam.
Aaryan Singh alias Aaryan Singh Chhabra was apprehended by the Telangana CID at Bathinda, Punjab, on July 4 and produced before the local court for transit remand.
He was brought to Hyderabad on Sunday and produced before a magistrate for judicial remand, said Additional Director General of CID, Charu Sinha.
This is a case of collection of unauthorised deposits, criminal breach of trust, cheating and criminal conspiracy, wherein the accused cheated the depositors, by developing Falcon Invoice Discounting Application, and created fake deals in the name of reputed MNCs, induced the depositors under the pretext of high interest rates with short term plans and collected about Rs 4,215 crores from 7056 depositors, out of which 4065 victims were cheated to the tune of Rs 792 crore.
On the complaints of victims, three cases were registered under sections 316(2), 318(4), 61(2) of BNS and section 5 of TSPDEF Act, 1999 at EOW Police Station of Cyberabad and transferred to CID for further investigation.
Eight more cases have been registered against the accused company and its directors across India.
According to the CID, the accused company M/s Capital Protection Force Pvt Ltd developed the Falcon Invoice Discounting Application and advertised through Social Media platforms i.e., Google, YouTube, and Instagram and through Tele-callers, created fake deals in the name of MNCs and collected crores of rupees as deposits from the innocent depositors and issued invoice receipts and agreements and cheated the public.
Aaryan Singh, who is listed as accused number five, was actively involved with the main accused, Amar Deep Kumar, MD of the company and other accused persons to attract depositors, and cheated the gullible victims.
The CID official said he was the face of the scam and dealt with the victims and issued the receipts. He collected strategic deposits to the tune of Rs 14.35 crore
Aaryan Singh diverted an amount of Rs 1.62 crore to his account from the funds of Falcon. Soon after the reporting of the crime, he fled to Nanded and from there to Bathinda, Punjab and took shelter in a Gurudwara.
On credible information, a special team of CID Telangana went to Bathinda and apprehended him. Police seized two cell phones and incriminating documents from his possession.
In addition to Aaryan Singh, nine persons have been arrested in this case so far. Active investigation is in progress for arresting all the absconding accused and establishing the crime, the CID said.
