ED arrests COO of Capital Protection Force in Rs 790 cr Falcon scam

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.