Falcon Investment Scam: Hyderabad ED attaches 12 assets worth crores linked to Capital Protection Force
The Falcon invoice app was widely advertised on platforms such as Google, YouTube and other social media to attract investors
By Newsmeter Network
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Hyderabad: Directorate of Enforcement (ED), Hyderabad Zonal Office, has attached 12 immovable properties worth Rs 18.14 crore of Capital Protection Force, Amardeep Kumar and others in the Falcon investment scam case.
ED initiated an investigation against Capital Protection Force—a Hyderabad-based company accused of running a bogus invoice discounting scheme—Amardeep Kumar and others based on three FIRs registered by the Economic Offence Wing, Cyberabad, wherein it was alleged that Amardeep Kumar, Capital Protection Force and others fraudulently cheated gullible investors on the pretext of high returns on their investments.
What did the investigation reveal?
ED investigation revealed that Capital Protection Force, in the name and style of ‘Falcon invoice discounting scheme’, lured the investors on the pretext of providing funds for invoice discounting in exchange for promising returns based on the invoices discounted, but failed to repay their invested amounts.
The investigation revealed that Amardeep Kumar was the mastermind behind the scam, and he developed the Falcon invoice app to receive deposits from the investors.
The app was widely advertised on platforms such as Google, YouTube and other social media to attract investors. However, ED investigation revealed that in reality, no business of invoice discounting was carried out and the accused cheated investors to the tune of Rs 792 crore approx.
Accused bought private jet with POC
ED investigation has also revealed that Proceeds of Crime (POC), generated by the accused through the scam, were used as investment in equity shares of several companies; loans to companies; purchase of an aircraft; conspicuous consumption in casinos; purchase of immovable properties in the name of Amardeep Kumar and his family members, etc.
The attached immovable properties are in the name of Amardeep Kumar, his family members, Rhett Healthcare and Rhett Herbal.
ED had earlier conducted search operations on March 7 and seized a private jet ‘Hawker 800A’, which was purchased by the main accused, Amardeep Kumar, from the POC.
Further investigation is in progress.
