Rabindra Prasad Singh and Susma Raj, arrested in Bihar, were brought on transit remand in connection with the Falcon Ponzi scheme. Police recovered cash, jewellery, FDs, and forged documents linked to the multi-crore fraud.
Hyderabad: The Criminal Investigation Department (CID) police on Saturday arrested Rabindra Prasad Singh, father of main accused Amardeep Singh and Sandeep Singh, in the Rs 792-crore Falcon Ponzi scheme fraud case, from Bihar. Police also arrested Susma Raj, the wife of Sandeep Singh.
Prasad Singh founded Falcon as a manpower security company. Though the fraud was perpetrated under the management of his son, Prasad Singh was accused of having a role in the fraud.
Susma Raj, the wife of Sandeep, had assisted Amardeep Singh, and received the proceeds of the crime and lived a lavish life, police said. The whole family absconded from Hyderabad after the case was reported.
Rabindra Prasad Singh and Susma Raj were produced before a local court for transit remand. Efforts are underway to arrest the rest of the accused. Police had recently apprehended the CEO of Falcon Invoice Discounting’s associate firm, Yogendra Singh.
The investigating team recovered incriminating material including large amounts of cash, fixed deposits, jewellery, bank cards and other documents from their possession. Through their interrogation, further properties purchased with the crime proceeds have been identified.
Cash worth Rs 8 lakh, fixed deposits worth several lakhs, passports, and other documents were recovered from the accused’s possession.
The accused cheated the depositors by developing the Falcon Invoice Discounting application developed by Capital Protection Force Pvt Ltd. They created fake deals in the name of reputed multinational companies, and induced the depositors on the pretext of high interest rates with short-term plans and collected about Rs 4,215 crore from 7,056 depositors.
As per initial estimates, about 4,065 victims were cheated to the tune of Rs 792 crore in what turned out to be a massive Ponzi scheme. Based on the complaints of victims, three cases were registered. Further investigation is underway.
