Directorate of Enforcement (ED), Hyderabad Zonal Office arrested Aryan Singh, chief operating officer of Capital Protection Force Pvt. Ltd. on Tuesday in connection with the Rs 792 crore Falcon Investment scam
Hyderabad: The Directorate of Enforcement (ED), Hyderabad Zonal Office arrested Aryan Singh, chief operating officer of Capital Protection Force Pvt. Ltd. on Tuesday in connection with the Rs 792 crore Falcon Investment scam. Aryan Singh was produced before the Special PMLA Court on Wednesday and remanded to 14 days' judicial custody.
The ED began the probe after three FIRs by the Economic Offence Wing, Cyberabad, alleged that Amardeep Kumar, the company and associates cheated investors promising high returns. The ED found that the firm’s “Falcon invoice discounting scheme” used a Falcon invoice app to collect deposits, but no genuine invoice discounting occurred.
The ED found that Aryan Singh, as COO, managed the fraudulent Falcon operations with Amardeep Kumar. Knowing there was no legitimate business, he promoted the scheme, handled investor interactions, supervised teams soliciting deposits and aided diversion of funds. He received proceeds of crime amounting to Rs 2.88 crore across five personal bank accounts and the account of his entity Karaoi (OPC).
Earlier, the ED seized a Hawker 800A aircraft, attached movable and immovable properties worth Rs 18.14 crore and arrested Sandeep Kumar (the brother of the main accused) and Shard Chandra Toshniwal, a chartered accountant.
The Crime Investigation Department (CID) had also arrested him in July and reported that Aryan Singh played a central role in diverting funds in the fraud that duped 4,065 depositors of Rs 792 crore. CID said in a press note issued earlier that Singh was the face of the operation, dealing with victims and issuing receipts, and collected deposits totalling Rs 14.35 crore from victims on behalf of the firm.
Further updates will be issued as the investigation progresses.
