Daijiworld Media Network - Hyderabad

Hyderabad, Jan 6: Telangana Police have arrested Amar Deep, managing director of the Falcon Group, in connection with a large-scale digital investment fraud, marking a major breakthrough in the ongoing investigation.

Officials from the Crime Investigation Department (CID) apprehended Amar Deep in Mumbai on Monday shortly after his arrival from the Gulf. Acting on precise intelligence inputs from immigration authorities, the CID team intercepted him immediately and placed him under arrest.

Police said a lookout circular had already been issued against Amar Deep after he allegedly fled to Dubai when the scam first surfaced. Following his detention, arrangements were made to bring him to Hyderabad, where he will be produced before a court.

Investigators allege that the accused orchestrated an elaborate app-based investment scheme through which nearly Rs 850 crore was siphoned off from investors. The fraud involved digital deposit plans that promised unusually high returns over short durations.

The case has already seen multiple high-profile arrests. In July last year, Falcon Group’s Chief Operating Officer, Aaryan Singh (also known as Aaryan Singh Chhabra), was arrested in Bathinda, Punjab. Earlier, in May, the group’s Chief Executive Officer, Yogendra Singh, was taken into custody. With Amar Deep’s arrest, the total number of accused held in the case has risen to ten.

According to the CID, the scam involved unauthorised deposit collection, cheating, criminal breach of trust, and conspiracy. Officials said the accused developed the Falcon Invoice Discounting Application and created fictitious business deals in the name of well-known multinational companies. Investors were lured with promises of high interest rates and short-term investment plans.

The investigation revealed that around Rs 4,215 crore was collected from 7,056 depositors, of whom approximately 4,065 were allegedly cheated. Police said Capital Protection Force Pvt Ltd played a key role in developing and promoting the application.

Authorities further stated that the app was aggressively advertised through social media platforms such as Google, YouTube, and Instagram, as well as via tele-calling operations. Fake invoices, agreements, and receipts were issued to give the scheme an appearance of legitimacy.

Based on complaints filed by victims, three cases were initially registered at the Economic Offences Wing (EOW) police station in Cyberabad under relevant sections of the Bharatiya Nyaya Sanhita (BNS) and the Telangana Protection of Depositors of Financial Establishments (TSPDEF) Act, 1999. These cases were later transferred to the CID for comprehensive investigation.

In addition, eight more cases have been registered against the accused company and its directors in different parts of the country, as authorities continue to widen the probe into what is being described as one of the largest digital investment scams in the region.