Falcon invoice scam: ED arrests COO Aryan Singh
Hyderabad: Enforcement Directorate(ED), Hyderabad Zonal Office has arrested Aryan Singh, Chief Operating Officer of M/s Capital Protection Force Pvt. Ltd under the provisions of the Prevention of Money Laundering Act (PMLA), 2002 in connection with an ongoing investigation against M/s Capital Protection Force Pvt. Ltd., on Tuesday. Amardeep Kumar & others. Aryan Singh was produced before the Special PMLA Court on Wednesday and the Court has remanded him to 14 days judicial custody.
ED initiated an investigation on the basis of three FIRs registered by the Economic Offence Wing, Cyberabad, wherein it was alleged that Amardeep Kumar, Capital Protection Force Pvt. Ltd. & others fraudulently cheated gullible investors on the pretext of high returns on their investments.
The Anti Money Launderingring agency revealed that M/s Capital Protection Force Pvt. Ltd., in the name and style of ‘Falcon invoice discounting scheme’, lured 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. Amardeep Kumar was the mastermind behind the scam, and he developed the Falcon invoice app in order to receive deposits from the investors.
Further 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. “Aryan Singh, in his capacity as Chief Operating Officer of M/s Capital Protection Force Pvt. Ltd., was actively managing the operations of the fraudulent “Falcon Invoice Discounting” scheme in collusion with the mastermind Amardeep Kumar. Though Aryan Singh had complete knowledge of the fact that there was no genuine business activity, he lured unsuspecting investors into the scheme,” said ED in a statement.
Aryan Singh managed a team of employees who not only promoted the fraudulent business but also interacted with investors to gain their confidence. He also assisted Amardeep Kumar in diverting the invested funds and personally benefited by receiving Proceeds of Crime amounting to Rs. 2.88 Crore in his five personal bank accounts as well as the bank account of his entity, Karaoi (OPC).
The premier Money laundering agency had earlier seized a Hawker 800 A aircraft in the case; attached movable and immovable properties worth Rs. 18.14 Crore and arrested Sandeep Kumar (brother of main accused Amardeep Kumar) & Shard Chandra Toshniwal, Chartered Accountant. Further investigation is under progress.
