CID Arrests Mumbai-Based Fraudster In Falcon Scam
Falcon Invoice Discounting mobile app and website created fake investment opportunities at reputed multinational companies: Reports
HYDERABAD: The Crime Investigation Department (CID) arrested a senior executive of a Mumbai-based payment gateway company in connection with the ₹4,215-crore Falcon Invoice Discounting scam. According to CID officials, the accused Sheik Mohideen, 46, serving as executive vice-president of Worldline E-payment Gateway, was taken into custody for facilitating transactions linked to the fraudulent operation.
Falcon Invoice Discounting mobile app and website created fake investment opportunities at reputed multinational companies. With this, they attracted 7,056 investors with assurances of substantial returns within short periods and collected ₹4,215 crore. Of these, 4,065 investors were cheated of around ₹792 crores through an entity operating under the Falcon Invoice Discounting platform. CID officials said that complaints lodged by victims led to the registration of multiple cases.
During the investigation, officials also found that the arrested executive colluded with the principal accused by providing payment gateway services that enabled the collection of investor funds. The payment gateway company is alleged to have earned nearly ₹7.53 crores in transaction-related revenue from the operations.
The accused was produced before a court and remanded to judicial custody. Investigation into the wider network of accused persons and financial transactions is continuing.