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Two nabbed by Cyberabad EOW in Rs. 850 cr ponzi scheme case
Two individuals, Pavan Kumar Odela and Kavya Nalluri, have been arrested in Hyderabad in connection with a massive Rs. 850 crore Ponzi scheme run by Falcon Invoice Discounting (FID). FID promised investors a 24% return on their investments by converting unpaid invoices into cash advances. However, the platform abruptly shut down its operations, leaving hundreds of investors from various states with significant losses. The company, led by chairman Amardeep Kumar, has been accused of breach of trust and cheating. The accused allegedly used multiple entities, including Capital Protection Force Pvt Ltd, to collect funds from investors. The total estimated amount collected from investors is Rs. 850 crores, impacting nearly 7,000 depositors. The Cyberabad police have filed multiple criminal cases against the company's management.08:15 PM Feb 16, 2025 IST