Hyderabad: The
Enforcement Directorate, Hyderabad, on Sept 2 arrested
Aryan Singh, chief operating officer (COO) of Capital Protection Force Private Ltd under the Prevention of Money Laundering Act in connection with the multi-crore Falcon scam. He was produced before the special PMLA court on Wednesday and remanded to 14 days' judicial custody.
The probe was launched following three FIRs filed by the economic offences wing of Cyberabad police, alleging that Amardeep Kumar, Capital Protection Force, and others duped investors by promising high returns.
According to the ED, the company floated the ‘Falcon invoice discounting scheme' claiming to raise funds for invoice discounting in return for assured profits. However, no such business activity existed. Instead, investors were cheated of around ₹792 crore through the Falcon app developed by Kumar, who is described as the mastermind of the scam.
Investigators found that Singh actively managed the fraudulent operations in collusion with Kumar. Despite knowing the scheme was bogus, he lured investors, supervised employees who promoted it, and helped divert funds.
The ED further alleged that Singh personally gained ₹2.88 crore, routed through his five personal bank accounts and that of his firm, Karaoi (OPC) Private Limited.
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Sudhakar Reddy Udumula is the Editor (Investigation) at the Times...
Read MoreSudhakar Reddy Udumula is the Editor (Investigation) at the Times of India, Hyderabad. Following the trail of migration and drought across the rustic landscape of Andhra Pradesh and Telangana, Sudhakar reported extensively on government apathy, divisive politics, systemic gender discrimination, agrarian crisis and the will to survive great odds. His curiosity for peeking behind the curtain triumphed over the criminal agenda of many scamsters in the highest political and corporate circles, making way for breaking stories such as Panama Papers Scam, Telgi Stamp Paper Scam, and many others. His versatility in reporting extended to red corridors of left-wing extremism where the lives of security forces and the locals in Maoist-affected areas were key points of investigation. His knack for detail provided crucial evidence of involvement from overseas in terrorist bombings in Hyderabad.
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