Falcon MD held in Rs 850 crore digital investment fraud

Telangana Police arrested Amar Deep, MD of Falcon Group, in Mumbai over an alleged Rs 850 crore digital investment scam. He reportedly lured investors with high-return app-based schemes. Investigation continues to trace funds and identify other accomplices

Hyderabad: The Telangana Police have reportedly arrested Amar Deep, Managing Director of Falcon Group, in connection with a massive Rs 850 crore digital investment scam.

As per information available, he was taken into custody in Mumbai late Monday night shortly after arriving from the gulf. The arrest was made following an immigration alert, as a Look Out Circular had been issued earlier against him.

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A special police team acted on the inputs and detained him immediately after his arrival.

The police have alleged that Amar Deep collected nearly Rs 850 crore from investors through app-based digital deposit schemes, promising assured and unusually high returns. The funds were mobilised by projecting the schemes as investments linked to multinational companies and the stock market.

Officials said the suspect had fled abroad after the scam came to light. Earlier, the police arrested the company’s CEO and Amar Deep’s brother in the same case.

Amar Deep is likely to be brought to Hyderabad for questioning and produced before a court. Efforts are underway to trace the money trail and identify other persons involved in the fraud.