ED gets 3-day custody of Falcon scam accused Sandeep Kumar in ₹792-crore fraud probe
Hyderabad: The special PMLA court here granted three-day police custody of Falcon case accused Sandeep Kumar, brother of the main accused Amardeep Kumar, to the Enforcement Directorate, Hyderabad, for questioning in connection with the Rs 792-crore scam.
Sandeep Kumar was arrested by the ED under the Prevention of Money Laundering Act (PMLA) in connection with an ongoing investigation against Capital Protection Force Pvt. Ltd (CPF), Amardeep Kumar and others.
The ED initiated investigation on the basis of three FIRs registered by the Cyberabad economic offence wing police against CPF, Amardeep Kumar and others, accused of cheating investors after promising them high returns on their investments.
The ED investigation revealed that CPF, in the name of ‘Falcon Invoice Discounting Scheme’, lured investors on the pretext of providing funds for invoice discounting in exchange for returns based on the invoices discounted, but failed to repay their invested amounts. Amardeep Kumar was the mastermind, developing the Falcon invoice app in order to receive deposits from the investors.
The agency's investigation revealed that no business of invoice discounting was carried out and the accused cheated investors to the tune of Rs 792 crore. Investigation also revealed that money was used as investment in equity shares of several companies; lending to companies; purchase of an aircraft; conspicuous consumption in casinos; purchase of immovable properties.
The ED investigation revealed that Rs 4.85 crore was transferred from CPF bank accounts to that of Sandeep Kumar. He was an active member of the cartel and involved in the activities related to the companies of Amardeep Kumar.
Investigation also revealed that Sandeep Kumar was a director in Falcon Capital Ventures and Swastik Ghee, which received Rs 5.74 crore from the CPF. Sandeep Kumar utilised the money for business activities in his companies or for the purchase of immovable properties.
The ED had earlier attached movable and immovable properties worth Rs 18.14 crore which included properties worth Rs 7.65 crore belonging to Sandeep Kumar.
