Rs 4,215 Cr financial fraud: Falcon Group COO Aaryan Singh arrested from Punjab

Hyderabad: Telangana Crime Investigation Department (CID) has arrested Aaryan Singh, the Chief Operating Officer (COO) of Falcon Group, for his alleged involvement in a massive Rs 4,215 crore financial fraud that duped thousands of investors across India.

Arrest from Punjab

According to Additional Director General of CID, Charu Sinha, Aaryan Singh, also known as Aaryan Singh Chhabra, was apprehended by the Telangana CID team from Bathinda in Punjab on July 4.

He was produced before a local court for transit remand and brought to Hyderabad on Sunday, where he was presented before a magistrate for judicial custody.

How the scam operated

Officials said this is a case of unauthorized collection of deposits, cheating, criminal breach of trust, and conspiracy.

The accused allegedly developed the Falcon Invoice Discounting Application, created fake deals using names of reputed multinational companies, and lured investors by promising high returns on short-term deposits.

The company collected about Rs 4,215 crore from 7,056 depositors, of whom 4,065 victims were cheated to the tune of Rs 792 crore, CID stated.

Multiple cases registered

Based on victims’ complaints, three cases were initially registered under sections 316(2), 318(4), 61(2) of the Bharatiya Nyay Sanhita (BNS) and section 5 of the TSPDEF Act, 1999, at the Economic Offences Wing (EOW) Police Station, Cyberabad, and were later transferred to CID for thorough investigation.

Eight more cases have also been registered against the company and its directors in different states.

Active role of COO

Investigators revealed that the company, M/s Capital Protection Force Pvt Ltd, promoted the fraudulent application extensively through Google ads, YouTube, Instagram, and tele-callers, and issued fake invoice receipts and agreements to investors.

Singh, listed as accused number five, worked closely with the main accused, Managing Director Amar Deep Kumar, and other directors to attract deposits.

“He was the public face of the scam, interacting with victims and issuing receipts. He collected strategic deposits amounting to Rs 14.35 crore,” officials said.

Funds diverted and hiding in Gurudwara

Further investigation found that Singh diverted Rs 1.62 crore to his personal account from Falcon’s funds. After the crime was reported, he fled to Nanded and then to Bathinda, where he took shelter in a Gurudwara to evade arrest.

On credible information, a special CID team tracked him down and seized two mobile phones and incriminating documents from his possession.

More arrests likely

Singh is among nine people to have been arrested so far in connection with the scam. The CID stated that further investigation is underway to arrest the remaining absconding accused and gather more evidence to establish the entire chain of the crime.