Amandeep Kumar, the managing director of Falcon Invoice Discounting, was apprehended by Telangana’s Crime Investigation Department (CID) at Mumbai airport, in connection with a fake investment app case.
Kumar was arrested on Monday, 5 January, while returning from Iran after a look-out circular was issued against him. He was later brought to Hyderabad on transit remand.
According to an official press note shared by ANIthe accused, along with his associates, operated a fraudulent website and mobile app to lure investors into making unauthorized deposits. In return, they promised high returns, which resulted in significant financial losses for several people.
So far, 11 accused, including directors, executives, and a chartered accountant, have been arrested in connection with the case. They have been remanded to judicial custody.
What was their modus operandi?
The entire scam was carried out through a fraudulent website (www.falconsgrup.com) and mobile application. The accused and his associates allegedly created fake invoice discounting deals in the names of reputed multinational corporations (MNCs), and induced investors with promises of high short-term returns.
Investigators found that about ₹4,215 crore was raised from 7,056 depositors, of which 4,065 victims were cheated and suffered losses amounting to 792 crores.
Meanwhile, assets including 12 plots, four luxury cars, 8 lakh cash, 21 tolas of gold, RDP shares worth 20 crore, and bank balances of 8 crore – totaling approximately 43 crore — have been identified and are in the process of attachment.
Telangana’s CID is in charge of conducting the investigation under the supervision of Charu Sinha, IPS, Addl. DGP, CID. The press note stated that efforts are underway to trace the money trail.
Public advisory
The press note also reminded citizens to avoid falling prey to online investment schemes that promise unrealistic returns.
A recent report showed that Indians lost around 19,812.96 crore to various cyber fraud and cheating cases in 2025. Around 21,77,524 cheating-related fraud complaints were received in the same year, according to data from the National Cyber Crime Reporting Portal.
The report reveals a rise in financial crimes, including investment traps, digital arrest, online scams, banking frauds, and cyber phishing, across the country, according to a mint report.
Out of the ₹19,812 crore loss in 2025, about 77% was lost in the name of investment schemes, signaling a sharp rise in financially motivated cyber fraud and a growing vulnerability among retail investors to high-return promises.
