The Crime Investigation Department (CID) of Telangana today announced the arrest of Aaryan Singh, Chief Operating Officer (COO) of Falcon Group, in connection with a Rs 4,215 crore scam.
Aaryan Singh aka Aaryan Singh Chhabra, was apprehended by the Telangana CID in Punjab’s Bathinda, Punjab, on July 4. He was later produced before a local court for transit remand.
Subsequently, he was brought to Hyderabad on Sunday, and then produced before a magistrate for judicial remand, as stated by Additional Director General of CID, Charu Sinha.
This case involves the collection of unauthorized deposits, criminal breach of trust, cheating, and criminal conspiracy. The accused allegedly defrauded depositors by creating the Falcon Invoice Discounting Application and fabricating deals under the guise of reputable multinational corporations.
They allegedly lured the depositors with promises of high interest rates on short-term plans, ultimately collecting approximately Rs 4,215 crore from 7,056 depositors. Of these, 4,065 victims were cheated to the tune of Rs 792 crore.
Based on the complaints of the victims, three cases were filed under sections 316(2), 318(4), and 61(2) of the Bharatiya Nyaya Sanhita (BNS) and section 5 of the Telangana State Protection of Depositors of Financial Establishments (TSPDEF) Act, 1999, at the Economic Offence Wing (EOW) Police Station in Cyberabad and transferred to the CID for further investigation. Eight additional cases have been registered against the accused company and its directors across India.
According to the CID, M/s Capital Protection Force Pvt Ltd, the company of the company, developed the Falcon Invoice Discounting Application. They promoted it through social media platforms like Google, YouTube, and Instagram, and via tele-callers. They then created fraudulent deals in the names of MNCs, collecting crores of rupees in deposits from innocent individuals, issuing fake invoice receipts and agreements, and thus defrauding the public.
Aaryan Singh, listed as accused number five, actively collaborated with the main accused, Amar Deep Kumar (the company’s Managing Director), and other co-accused to attract depositors and cheat victims.
The CID official stated that Singh was the face of the scam, interacting with victims and issuing receipts. He specifically collected strategic deposits, amounting to Rs 14.35 crore.
Aaryan Singh diverted Rs 1.62 crore from Falcon’s funds to his personal account. Following the initial reports of the crime, he fled to Nanded before moving to Bathinda, where he sought refuge in a Gurudwara.
Acting on credible tipoff, a special team from the Telangana CID travelled to Bathinda and apprehended him. Police seized two cell phones and incriminating documents from his possession.
In addition to Aaryan Singh, nine individuals have been arrested in connection with this case till date. The CID stated that an active investigation is underway to arrest all absconding accused and fully establish the extent of the crime.
