<p>Bengaluru: At least 183 people in Bengaluru lost over Rs 41 crore after investing in a Hyderabad-based firm that recently busted as a Rs 850-crore Ponzi scheme.</p><p>The victims were allegedly duped by Falcon Invoice Discounting, which promised annual returns of 11-22% on short-term investments.</p><p>In Bengaluru, four FIRs have been registered in connection with the scam — two each at the CCB’s Cyber Crime Police Station and the West CEN police station — top police sources said. <em>DH</em> has independently reviewed the FIRs.</p><p>The firm lured victims through an invoice discount investment, a process where companies sell their invoices at discounted rates for cash flow while investors get the money plus interest once the customer clears the invoices. The firm claimed to be an intermediary and promised to connect the investors with well-known companies.</p><p>One of the victims from Bengaluru, an ex-serviceman, lost Rs 1.07 crore. He isn’t hopeful of getting his money back. “I invested my retirement savings,” the 59-year-old veteran, who had been investing since 2021, told <em>DH</em>.</p><p>Media reports said the company had been operational since 2021 and duped over 6,000 people across India.</p><p>The Cyberabad police have arrested two people — Pavan Kumar, vice president of Capital Protection Force Pvt Ltd and business head of Falcon Invoice Discounting Platform; and Kavya N, director of Capital Protection Force Pvt Ltd and Falcon Capital Ventures Pvt Ltd.</p>.Posing as public prosecutor & Mumbai cops, fraudsters dupe senior citizen of Rs 1.31 cr in Bengaluru .<p>However, the company’s key figures — Managing Director Amardeep Kumar, COO Aryan Singh and CEO Yogender Singh — remain at large. </p><p>Investigations revealed the suspects had launched an app and a website, falsely using the names of reputable companies to attract investors. In reality, the vendor profiles were fabricated. The firm collected a total of Rs 1,700 crore from investors but returned only Rs 850 crore. </p><p>The Cyberabad police found that the suspects used money from new investors to repay earlier investors, forming a well-orchestrated Ponzi scheme. The proceeds were funnelled into shell corporations as well as to set up multiple business ventures, including a cryptocurrency platform. </p><p>On February 21, the Enforcement Directorate (ED) registered an Enforcement Case Information Report (ECIR), equivalent to an FIR. </p><p>Sources in the Bengaluru police suggest that the ED may take over the FIRs registered here. </p><p>“We believe there are more victims,” a senior police officer said. “Since the money lost is big, the FIRs may first be transferred to the CID. The ED could take over later, as it has already filed an ECIR, but it has yet to communicate any decision.” </p>
<p>Bengaluru: At least 183 people in Bengaluru lost over Rs 41 crore after investing in a Hyderabad-based firm that recently busted as a Rs 850-crore Ponzi scheme.</p><p>The victims were allegedly duped by Falcon Invoice Discounting, which promised annual returns of 11-22% on short-term investments.</p><p>In Bengaluru, four FIRs have been registered in connection with the scam — two each at the CCB’s Cyber Crime Police Station and the West CEN police station — top police sources said. <em>DH</em> has independently reviewed the FIRs.</p><p>The firm lured victims through an invoice discount investment, a process where companies sell their invoices at discounted rates for cash flow while investors get the money plus interest once the customer clears the invoices. The firm claimed to be an intermediary and promised to connect the investors with well-known companies.</p><p>One of the victims from Bengaluru, an ex-serviceman, lost Rs 1.07 crore. He isn’t hopeful of getting his money back. “I invested my retirement savings,” the 59-year-old veteran, who had been investing since 2021, told <em>DH</em>.</p><p>Media reports said the company had been operational since 2021 and duped over 6,000 people across India.</p><p>The Cyberabad police have arrested two people — Pavan Kumar, vice president of Capital Protection Force Pvt Ltd and business head of Falcon Invoice Discounting Platform; and Kavya N, director of Capital Protection Force Pvt Ltd and Falcon Capital Ventures Pvt Ltd.</p>.Posing as public prosecutor & Mumbai cops, fraudsters dupe senior citizen of Rs 1.31 cr in Bengaluru .<p>However, the company’s key figures — Managing Director Amardeep Kumar, COO Aryan Singh and CEO Yogender Singh — remain at large. </p><p>Investigations revealed the suspects had launched an app and a website, falsely using the names of reputable companies to attract investors. In reality, the vendor profiles were fabricated. The firm collected a total of Rs 1,700 crore from investors but returned only Rs 850 crore. </p><p>The Cyberabad police found that the suspects used money from new investors to repay earlier investors, forming a well-orchestrated Ponzi scheme. The proceeds were funnelled into shell corporations as well as to set up multiple business ventures, including a cryptocurrency platform. </p><p>On February 21, the Enforcement Directorate (ED) registered an Enforcement Case Information Report (ECIR), equivalent to an FIR. </p><p>Sources in the Bengaluru police suggest that the ED may take over the FIRs registered here. </p><p>“We believe there are more victims,” a senior police officer said. “Since the money lost is big, the FIRs may first be transferred to the CID. The ED could take over later, as it has already filed an ECIR, but it has yet to communicate any decision.” </p>