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Hyderabad: Telangana Crime Investigation Department (CID) has arrested Falcon MD Amardeep in Mumbai in a digital investment scam amounting to a whopping Rs 850 crore.
He was detained by immigration officials after he arrived from the Gulf on Monday night and handed him over to Telangana Police, tv9 telugu reported. A Lookout Circular (LOC) was previously issued against him in the case.
Falcon fraud in the name of digital deposits:
Authorities have identified that Amardeep collected Rs. 850 crore in the name of app-based digital deposits. The Falcon orchestrated a massive scam through app-based deposits by promising investments in multi-national companies and high returns in the stock market.
The schemes was reportedly marketed as safe, technology-driven investment products that would assure high returns.
Amardeep, wife flee to Dubai:
As soon as the scam came to light, Amardeep and his wife fled to Dubai, which prompted officials to step up surveillance and track his international movements.
The CEO of the company and Amardeep's brother have already been arrested in the case. The investigation is now focused on tracking the money, uncovering other accomplices and attaching properties illegally acquired by committing crimes.
Amardeep will be brought o Hyderabad for questioning and will be produced in front of a court. More arrests are likely in the coming days, police said.
