Digital Deposit Fraud: Falcon MD Amardeep Arrested
- CID arrests Falcon MD in digital deposit fraud case
- Rs 850 crore digital deposit fraud under investigation
The Telangana CID has arrested Falcon Managing Director Amardeep in connection with a major digital deposit fraud case. Officials took him into custody in Mumbai after immigration authorities detained him on his return from the Gulf and alerted the Telangana police. The arrest marks a key development in the probe into alleged large scale financial irregularities linked to app based deposits.
According to officials, lockout notices had already been issued against Amardeep. Therefore, when he arrived in Mumbai from the Gulf, immigration officials stopped him and informed the CID. Telangana police then moved quickly and placed him under arrest. The case has drawn wide attention due to the scale of the alleged fraud and the number of people affected.
Investigators have identified Amardeep as having collected Rs 850 crore in the name of digital deposits. Officials said Falcon Company ran app based deposit schemes that later turned into a huge scam. There are also allegations that Amardeep duped people by promising returns through share market investments. However, officials have not disclosed further details about the investment model at this stage.
Meanwhile, the investigation revealed that Amardeep and his wife fled to Dubai soon after the scam came to light. Later, officials tracked his movement when he returned from the Gulf, which led to his detention at the airport. The CID had already intensified efforts to trace the key accused as complaints continued to surface.
In addition, officials have already arrested the CEO of Falcon Company and Amardeep’s brother in the same case. The arrests indicate that the agency is widening the probe to identify the full network behind the digital deposit fraud. Officials are examining financial records, app based transactions, and investor complaints as part of the ongoing investigation.
The Telangana CID continues to investigate the alleged digital deposit fraud to determine how funds were collected and diverted. Officials are also working to establish the exact role of each accused in the case. Further action is expected as the probe progresses and more details emerge from the investigation.
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