�Hyderabad:�In a major development, Crime Investigation Department (CID) officials on Sunday arrested Capital Protection Force Pvt. Ltd’s chief operating officer (COO) Aaryan Singh for his role in the Rs 792-crore Falcon cheating case.
Aaryan Singh, also known as Aaryan Singh Chhabra, is a resident of Vamsiram Jyothi Lotus Apartment, MLA Colony, Banjara Hills. The CID officers arrested him at Bathinda, Punjab and produced before a local court for a transit remand. He was brought to Hyderabad and produced before a magistrate in Hyderabad on Sunday for judicial remand.
According to CID chief Charu Sinha, the Falcon scam accused have collected Rs 4,215 crore from investors through a premeditated criminal conspiracy. They developed Falcon Invoice Discounting application and created fake deals in the name of reputed multinational companies.
With this, they induced depositors under the pretext of offering high interest rates on short-term plans, and collected about Rs 4,215 crores from 7,056 depositors. Out of this, 4,065 victims were cheated to the tune of Rs 792 crore.
The CID chief said Capital Protection Force developed Falcon app and advertised about it through social media platforms and via tele-callers, created fake deals in the name of MNCs and collected crores of rupees as deposits from the innocent depositors and issued invoice receipts and agreements and cheated the public.
“The accused Aaryan Singh, COO of Falcon Invoicing, was actively involved with the main accused Amar Deep Kumar, managing director of Capital Protection Force, and other accused in attracting and cheating the depositors. He was the face of the scam and dealt with the victims and issued the receipts. He collected strategic deposits to a tune of Rs 14.35 lakh from the victims on behalf of the company,” Charu Sinha said.
Aaryan Singh diverted an amount of Rs 1.62 crore to his account from the funds of Falcon. When the crime was reported, he fled away to Nanded and later Bathinda, where he took shelter at a Gurdwara. On a tip off, a special team of CID Telangana went to Bathinda and apprehended him.
