The Crime Investigation Department (CID) on Tuesday arrested Sandeep Kumar, the prime accused in the high-profile Falcon invoice discounting scam, in which over 4,065 investors were allegedly defrauded of more than Rs792 crore.
Sandeep Kumar, who served as the operations head of M/s Capital Protection Force Pvt Ltd, was arrested in Hyderabad on June 3 along with his associate Ravi Kumar. He is also the younger brother of Amardeep, the firm’s chairman and managing director, who is already under arrest in the same case.
CID Director General Shikha Goel said the charges include criminal breach of trust, cheating, and criminal conspiracy. The accused allegedly developed the Falcon Invoice Discounting Application (www.falconsgrup.com) and created fictitious deals in the names of reputed multinational companies to lure unsuspecting investors.
The scam drew in 7,056 depositors, with total investments amounting to Rs4,215 crore, under the false promise of high returns on short-term plans. Initial findings show that at least 4,065 investors were cheated of Rs792 crore.
After the case was registered, Sandeep Kumar fled to Dubai. He later re-entered India illegally through the Nepal border and moved his family to Danapur, Bihar. Although he evaded arrest in Bihar, his father and wife were taken into custody. He continued to flee—traveling through Odisha, Goa, and ultimately returning to Hyderabad, where he was given shelter by cousin Ravi Kumar.
CID teams, acting on a tip-off, arrested both from Hyderabad. Authorities also seized three vehicles and numerous property documents during the operation. Police said that eight additional cases have been filed against the company and its directors across states including Karnataka, Maharashtra, West Bengal, Rajasthan, Andhra Pradesh, and Delhi.
