Hyderabad: ED arrests CA Sharad Toshniwal in ₹792 Cr Falcon invoice discounting scam
He was produced before the Special PMLA Court and remanded to 14 days’ judicial custody
By Newsmeter Network
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Hyderabad: The Directorate of Enforcement (ED), Hyderabad Zonal Office, has arrested Chartered Accountant Sharad Chandra Toshniwal for his alleged role in laundering money in the Rs 792 crore Falcon invoice discounting scam.
He was produced before the Special PMLA Court and remanded to 14 days’ judicial custody.
Scam through fake investment scheme
The case stems from three FIRs filed by the Cyberabad Economic Offence Wing against Capital Protection Force Pvt. Ltd., its promoter Amardeep Kumar, and others.
Investigations revealed that the company launched the so-called “Falcon invoice discounting scheme,” claiming to fund invoice discounting operations and offering lucrative returns to investors.
However, ED found that no genuine business activity was ever carried out. Instead, investors were duped of nearly Rs 792 crore, with the funds diverted for personal gains.
The app developed by Amardeep Kumar was used solely to mobilise deposits.
Auditor’s role under lens
According to ED, Sharad Chandra Toshniwal had been the statutory auditor of Capital Protection Force since its incorporation and was fully aware of the fraudulent transactions.
Investigators allege that Toshniwal not only managed the finances of Amardeep Kumar and his family firms but also helped channel the proceeds of crime into multiple companies, including Rhett Healthcare Pvt. Ltd., Rhett Herbal Pvt. Ltd., RDP Workstations Pvt. Ltd., and Swastik Ghee Pvt. Ltd.
Amardeep Kumar acquired shares in these entities through relatives and benami holders, and arranged cash worth Rs 14.81 crore in lieu of transferring illicit funds to different entities without legitimate business purposes.
Previous action in the case
The ED had earlier attached movable and immovable assets worth Rs 18.14 crore linked to the accused. It also arrested Sandeep Kumar, brother of Amardeep Kumar, for his role in the scam.
Ongoing probe
Officials said Toshniwal played an active role in the concealment and layering of illegal funds, making him a key conspirator in the money laundering network. The investigation to trace further diversion of funds and identify other beneficiaries is still in progress.
