ED arrests Capital Protection Force COO Aryan Singh in Rs 792 crore Falcon invoice scam
The Enforcement Directorate (ED) arrested Aryan Singh, COO of Capital Protection Force Pvt Ltd, in connection with a Rs 792 crore Falcon invoice discounting scam. Investigations revealed Singh colluded with mastermind Amardeep Kumar, diverted funds, and personally gained Rs 2.88 crore.
HYDERABAD: The Directorate of Enforcement (ED), Hyderabad Zonal Office has arrested Aryan Singh, Chief Operating Officer of Capital Protection Force Private Limited on Tuesday under the provisions of the Prevention of Money Laundering Act (PMLA), 2002 in connection with an ongoing investigation against Capital Protection Force Private Limited Amardeep Kumar and others. Aryan Singh was produced before the Special PMLA Court on Wednesday and the court has remanded him to 14 days judicial custody.
The ED initiated investigation on the basis of three FIRs registered by Economic Offence Wing, Cyberabad wherein it was alleged that Amardeep Kumar, Capital Protection Force Private Limited and others fraudulently cheated gullible investors on the pretext of high returns on their investments.
The ED allegedly found that Capital Protection Force Private Limited in the name and style of ‘Falcon invoice discounting scheme’, lured investors on the pretext of providing funds for invoice discounting in exchange of promising returns based on the invoices discounted, but failed to repay their invested amounts.
Amardeep Kumar was allegedly the mastermind behind the scam and he developed Falcon invoice app in order to receive deposits from the investors. The investigation allegedly revealed that in reality, no business of invoice discounting was carried out and the accused cheated investors to the tune of Rs. 792 Crore approx.
The ED investigation revealed that Aryan Singh, in his capacity as Chief Operating Officer of Capital Protection Force was actively managing the operations of the fraudulent “Falcon Invoice Discounting” scheme in collusion with the mastermind Amardeep Kumar.
Though Aryan Singh had complete knowledge of the fact that there was no genuine business activity, he lured unsuspecting investors into the scheme. Aryan Singh managed a team of employees who not only promoted the fraudulent business but also interacted with investors to gain their confidence. He also assisted Amardeep Kumar in diverting the invested funds and personally benefitted by receiving Proceeds of Crime amounting to Rs. 2.88 Crore in his five personal bank accounts as well as the bank account of his entity ‘Karaoi (OPC).
The ED had earlier seized a Hawker 800 A aircraft in the case; attached movable and immovable properties worth Rs. 18.14 Crore and arrested Sandeep Kumar (brother of main accused Amardeep Kumar) and Shard Chandra Toshniwal, Chartered Accountant. Further investigation is under progress.
