Hyderabad: CID arrests Falcon Company CEO Yogendra Singh for Rs 4,215 crores scam

A total of 6,979 depositors were duped, CID officials said

Hyderabad: The Crime Investigation Department of Telangana Police arrested Yogendra Singh, CEO of Falcon Company for allegedly cheating people to the tune of Rs 4,215 crores.

According to the police, the management of Falcon Invoice Discounting (FID) platform introduced itself as a P2P (peer-to-peer) web platform and promised investors high returns on their investment.

“Yogender Singh was actively involved with the main suspect Amardeep Kumar, managing director of the company and other accused persons in the fraud. A total of 6,979 depositors were duped,” CID officials said.

The company used a mobile application and website, and falsely presented itself as legitimate P2P invoice discounting service. “They claimed to connect depositors with reputed companies such as Britannia, Amazon and Godrej, while in reality they fabricated vendor profiles and fake deals to create an illusion of authenticity,” said the official.

The company promised returns between 11 per cent and 22 per cent per annum and collected deposits ranging from Rs 25,000-9 lakh with maturity period between 45 and 180 days.

The money collected from the investors was misappropriated and used to acquire and establish multiple companies.