Mastermind Arrested, Rs 4,215 Crore Looted
Article Today, Hyderabad
In a significant development in the Falcon Invoice Discounting Scam, the Telangana CID has arrested Yogender Singh, the CEO of Falcon, who is believed to be the mastermind behind the massive fraud. The scam, which has duped lakhs of innocent people across the country, has been described as one of the darkest chapters in India’s economic history.
How the Scam Unfolded
The Falcon Invoice Discounting platform, which started operations in 2021 from Hyderabad’s Hi-Tech City, promised investors high returns of 11% to 22% through invoice discounting with big companies like Britannia, Amazon, and Godrej. However, it turned out to be a massive Ponzi scheme, where the company used money from new investors to pay old ones. The company collected around Rs 1,700 crore and returned Rs 850 crore, but still owes Rs 850 crore to nearly 6,979 investors.
Money Laundering and Luxury Lifestyle
The accused, including Yogender Singh, Amardeep Kumar, and Aryan Singh, siphoned off the money to various shell companies, invested in cryptocurrencies, and started luxury businesses like a resort in Goa and a private jet company in Dubai. Amardeep Kumar, the MD of Falcon, had even purchased a private jet worth crores in 2024 and fled to Dubai.
Investor Fury
When the company suddenly stopped payments and closed its office in January, angry investors vandalized the office, leading to the registration of three FIRs. The Enforcement Directorate (ED) is also investigating the case and has estimated the scam to be worth Rs 850 crore.
Police Action
The Telangana CID and Cyberabad Economic Offences Wing have taken the case seriously and have already arrested two accused. With Yogender Singh’s arrest, the police are now seeking Interpol’s help to nab Amardeep Kumar and Aryan Singh. The ED has already seized Amardeep Kumar’s private jet at the Rajiv Gandhi International Airport.
A Lesson for Investors
The Falcon scam serves as a warning to investors to be cautious of schemes promising high returns. It highlights the importance of verifying a company’s legitimacy with regulatory bodies like SEBI and RBI before investing. Many investors, including doctors, retired soldiers, and ordinary employees, have lost their life savings in this scam, with some losing as much as Rs 5-6 crore. The number of affected investors is likely to increase further.
