ED attaches properties worth Rs 18.14 crore in Falcon Invoice Discounting Scam
The ED has attached assets worth Rs 18.14 crore linked to Capital Protection Force Pvt. Ltd. and its mastermind, Amardeep Kumar, in a probe into the Rs 792 crore Falcon invoice discounting scam. Further investigation continues.
Hyderabad: The Directorate of Enforcement (ED), Hyderabad Zonal Office, has taken significant action in the ongoing investigation against Capital Protection Force Pvt. Ltd. and its alleged mastermind, Amardeep Kumar, by provisionally attaching 12 immovable properties valued at Rs 18.14 crore under the Prevention of Money Laundering Act (PMLA), 2002.
The attachments were a part of a wider probe into the ‘Falcon invoice discounting scheme’ which allegedly defrauded thousands of investors to the tune of approximately Rs 792 crore.
The ED’s investigation, initiated based on FIRs from the Cyberabad Economic Offence Wing, revealed that Capital Protection Force operating through the ‘Falcon invoice app,’ lured investors with false promises of high returns on invoice discounting. In reality, no such business was conducted, and the funds were systematically siphoned off.
Amardeep Kumar, identified as the architect of the scheme, extensively advertised the bogus venture on various platforms. The amounts from the scam were allegedly channelled into various assets, including equity shares, loans to companies, lavish spending in casinos, and the purchase of high-value properties and even a private aircraft.
ED officials said that the attached properties were registered in the names of Amardeep Kumar, his family members, and other entities.
