Hyderabad: Crime Investigation Department (CID) officials, who are probing the Falcon case, on Wednesday arrested key accused Sandeep Kumar and his close associate Ravi Kumar.
Earlier, the CID arrested seven accused. The key accused, Sandeep Kumar, operations head and younger brother of the company’s chairman and managing director, Amardeep.
CID director-general Shikha Goel said the case pertains to criminal breach of trust, cheating and criminal conspiracy as the accused cheated the depositors, by developing Falcon Invoice Discounting Application (www.falconsgrup.com), and created fake deals on the name of reputed MNCs, induced the depositors on the pretext of high interest rates with short terms plans and collected about Rs 4,215 crores from 7,056 depositors.
“As per initial estimates about 4,065 victims were cheated to the tune of Rs 792 crores. The arrested accused are — Sandeep Kumar, 37, operations head of Capital Protection Force, resident of Feel-Good Homes, Peeramcheru, Gandhamgduda, Hyderashakot, and a native of Bihar. Another arrested accused is Ravi Kumar, 26, an electrician and a native of Bihar,” the DG said.
Shikha Goel further stated that Sandeep Kumar had fled to Dubai after the case was registered. Investigation revealed that he returned to India via Nepal illegally. He resettled his and his brother’s family at Danapur, Patna.
On a tip off, when the CID team went to Bihar, he escaped while his father and wife were arrested. He absconded to Odisha and from there to Goa and came back to Hyderabad. He was given shelter by Ravi Kumar (cousin and accomplice). On credible information both were arrested.
The accused company Capital Protection Force Pvt. Ltd., developed Falcon Invoice Discounting Application and advertised through social media platforms such as Google, YouTube, Instagram and through tele-callers created fake deals in the name of MNCs and collected Crores of rupees as deposits from the innocent depositors and issued invoice receipts and agreements and cheated the public.
Sandeep Kumar was actively involved in the scam along with the main accused Amar Deep Kumar to attract depositors and cheated the gullible victims. Sandeep Kumar diverted the funds of Falcon for an amount of Rs 8.45 crore to his personal accounts and his company. He fled away to the UAE along with the accused Yogendra Singh, CEO of Falcon Invoice Discounting Company,” Shikha Goel said.
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