In a major financial fraud case, 185 investors were allegedly duped of Rs 45.41 crore by a Hyderabad-based company that lured them with the promise of high returns on investment. Amboli Police have registered a case against ten individuals, including directors and representatives of the company, following a complaint by one of the victims.
According to police, the accused had promised annual returns of 12 to 18 percent under an investment scheme named Falcon Invoice Discounting. However, after collecting funds from the investors, the company allegedly shut down its operations without returning the money. Among the duped investors are chartered accountants, business professionals, and employees holding reputed positions.
The Economic Offences Wing (EOW) has taken over the investigation. Sources revealed that a similar case has also been registered against the same company in Hyderabad. Authorities suspect that the number of affected investors may rise further.
The case was registered based on a complaint by Smita Dubey (37), a resident of Andheri West and a businesswoman. She had invested in the company’s scheme on 25 July 2024, lured by the promise of a lucrative return. Along with her, 184 others invested a total of Rs 45,41,13,700. However, the company allegedly failed to deliver on its promises and eventually shut down its Mumbai office.
Following the complaint, Amboli Police booked the company’s Managing Director Amardeep Kumar Singh, and directors Anita Kumari, Pawan Odela, Sandeep Kumar, Aryan Singh, Yogendra Singh, Kavya Naluri, Avinash Kumar, A. G. S. Nair, and Sameer Nair.
Police said offences have been registered under Sections 318(4), 316(2), 61(2) of the Bharatiya Nyaya Sanhita (BNS), along with Sections 3 and 4 of the Maharashtra Protection of Interests of Depositors (MPID) Act, 1999.
Sources have also indicated that the prime accused may have fled to Dubai. It is suspected that the accused ran six different investment schemes and may have duped over 300 people across Maharashtra.