Two persons were arrested in connection with a Rs 850 crore Ponzi scheme involving Falcon Invoice Discounting Platform, which allegedly duped over 6,000 depositors across the country, the police said in Hyderabad on Sunday.
The accused allegedly deceived the public by persuading them to make short-term deposits with the promise of high returns, they said.
According to the police, the primary accused, Amardeep Kumar (managing director, Falcon Capital Ventures Pvt Ltd), along with Aryan Singh (chief operating officer) and Yogender Singh (chief executive officer), who are still at large, lured depositors by promising high returns on short-term deposits under the guise of invoice discounting.
So far, 19 people have been named as accused in the case and out of them two were arrested, and others are absconding, a police official said.
During the investigation, the Economic Offences Wing of Cyberabad on February 15 arrested--Pavan Kumar, vice president of Capital Protection Force Pvt Ltd and business head of Falcon Invoice Discounting Platform, along with Kavya N, director of Capital Protection Force Pvt Ltd and Falcon Capital Ventures Pvt Ltd.
On the modus operandi, a release from Cyberabad police commissionerate said the accused launched a mobile application and website, falsely presenting Falcon Invoice Discounting Platform as a legitimate peer-to-peer invoice discounting service. -- PTI
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