Hyderabad: TheTelangana Crime Investigation Department (CID) arrested a Chief Operating Officer of the Falcon invoicing company from Bathinda, Punjab involved in inducing the depositors under the pretext of high interest rates with short term plans and cheating 4,065 depositors to the tune of Rs 792 crore.

Police arrested Aaryan Singh Chhabra (39) on July 4 in Punjab and brought him to Hyderabad on Sunday. The accused was produced before the Magistrate at Hyderabad for judicial remand. In addition to Aaryan Singh, 9 persons have been arrested in this case so far.

According to the CID, the accused cheated the depositors, by developing Falcon Invoice Discounting Application www.falconsgrup.com and creating fake deals on the name of reputed MNCs, induced the depositors under the pretext of high interest rates with short term plans and collected about Rs 4,215 crore from 7,056 depositors, out of which 4,065 victims were cheated to the tune of Rs 792 crore.

Following the complaints of victims, three cases were registered U/sec 316(2), 318(4), 61(2) of BNS and Section 5 of TSPDEF Act, 1999 at EOW PS Cyberabad and transferred to CID, TG, Hyderabad for further investigation. Additionally, 8 more cases are registered against the accused company and its directors across India.

Charu Sinha, Additional Director General of Police, CID, TG, said that the accused company Capital Protection Force Pvt., Ltd., developed Falcon Invoice Discounting Application and advertised through Social Media platforms – 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.

“Aaryan who is accused 5 in the case was actively involved with the accused 2 Amar Deep Kumar, MD of the Company and other accused persons to attract depositors and cheated the gullible victims. He was the face of the scam and dealt with the victims and issued the receipts. He collected strategic deposits to a tune of Rs 14,35,00,000 from the victims on behalf of the company,” said Charu Sinha.

Aaryan diverted an amount of Rs 1,62,55,619 to his account from the funds of Falcon. Soon after the reporting of the crime, he fled away to Nanded and from there to Bathinda, Punjab and took shelter in a Gurdwara.

On information, a special team of CID Telangana went to Bathinda, Punjab and apprehended him. Police seized two cell phones and incriminating documents from his possession.