Hyderabad, Jan 6 The Telangana Police has arrested Falcon Invoice Discounting Managing Director Amardeep Kumar, the main accused in the digital investment scam, an official said on Tuesday.
Officials of the CID arrested him at Mumbai Airport on Monday after he arrived from Iran.
Additional Director General, CID, Charu Sinha, said on Tuesday that he is being brought to Hyderabad on transit remand.
The CID had already issued a lookout circular against Amardeep Singh, who had allegedly fled to Dubai after the scam came to light.
According to CID, it is a case of collection of unauthorised deposits, criminal breach of trust, cheating, and criminal conspiracy by Capital Protection Force Private Limited, operating under the brand name Falcon Invoice Discounting.
The accused developed a fraudulent website and mobile application, created fake invoice discounting deals in the names of reputed MNCs, and induced investors with promises of high short-term returns.
"In total, about Rs 4,215 crore were collected from 7,056 depositors, of which 4,065 victims were cheated to the tune of Rs 792 crore," the CID said in a statement.
On the complaints of victims, three cases were registered under Sections 316(2), 318(4), 61(2) of the BNS and Section 5 of the Telangana Protection of Depositors of Financial Establishments (TSPDEF) Act, 1999 at the EOW Police Station of Cyberabad and transferred to CID for further investigation.
So far, 11 accused, including directors, executives and a chartered accountant, have been arrested and sent to judicial custody.
Assets, including 12 plots, four luxury cars, Rs 8 lakh cash, 21 tolas of gold, RDP shares worth Rs 20 crore, and bank balances of Rs 8 crore (total approximately Rs 43 crore) have been identified and are under the process of attachment, the CID said.
The CID said efforts were underway to trace the money trail.
In July last year, the CID had arrested Chief Operating Officer (COO) Aaryan Singh. Aaryan Singh alias Aaryan Singh Chhabra was apprehended by the CID at Punjab's Bathinda on July 4.
In May, Chief Executive Officer Yogendra Singh was arrested.
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