Hyderabad: The Telangana Crime Investigation Department (CID) has captured Aaryan Singh Chhabra, aged 39, in Bathinda, Punjab. He is the Chief Operating Officer of Falcon Invoicing Company, accused of deceiving 4,065 investors out of Rs 792 crore by promising high returns with short-term plans.
Aaryan was detained on July 4 in Punjab and transported to Hyderabad on Sunday. He appeared before a Hyderabad magistrate and is now in judicial custody. Including Aaryan, a total of 10 people have been arrested in this case.
The CID reports that Aaryan and his associates misled investors through the Falcon Invoice Discounting Application at www.falconsgrup.com. They created false deals under well-known MNCs’ names, enticing investors with promises of high interest rates. In total, they collected approximately Rs 4,215 crore from 7,056 investors, cheating 4,065 of them out of Rs 792 crore.
Victims’ complaints led to three cases filed under Sections 316(2), 318(4), 61(2) of BNS, and Section 5 of the TSPDEF Act, 1999 at EOW PS Cyberabad. These cases were then transferred to CID Hyderabad for further investigation. There are also eight more cases against the company and its directors across India.
Charu Sinha, Additional Director General of Police, CID, stated that the accused company Capital Protection Force Pvt., Ltd. developed the Falcon app and promoted it through social media and tele-callers. They fabricated deals under MNC names, collected vast sums from unsuspecting investors, and issued fake invoices and agreements.
Aaryan is the fifth accused in this scam and worked closely with Amar Deep Kumar, the company’s managing director, and others. He was the scam’s public face, handling investor transactions and issuing receipts. He personally secured deposits totaling Rs 14,35,00,000.
Aaryan reportedly diverted Rs 1,62,55,619 into his account from Falcon’s funds. After the crime came to light, he escaped to Nanded, then to Bathinda, Punjab, where he hid in a Gurdwara.
Upon receiving a tip-off, a special CID team from Telangana traveled to Bathinda and arrested him. The police seized two mobile phones and incriminating documents from his possession.
