In a significant breakthrough, the alleged mastermind behind the massive Falcon Invoicing Discounting (FID) ponzi scheme, Amardeep Kumar, has been apprehended by immigration authorities at Mumbai's Chhatrapati Shivaji International Airport. This arrest comes nearly ten months after the fraud, estimated to be worth nearly Rs 800 crore, was first uncovered.
The Airport Detention and Impending Custody
Amardeep Kumar was intercepted as he arrived in Mumbai from a Gulf country. Upon receiving this information, a special team from the Telangana police swiftly travelled to Mumbai on Monday night to secure his custody. Official sources indicate that while Amardeep faces multiple criminal cases across India, the Telangana police will be the first to take him into custody. This is because they were the first to obtain a Look Out Circular (LOC) against him in February 2025.
CID Probe and Denial of Immediate Arrest
Interestingly, the Crime Investigation Department (CID) of Telangana, which is leading the probe into the invoicing fraud, has clarified that they have not formally arrested Amardeep Kumar yet. He is expected to be officially arrested on Tuesday after the police obtain the necessary permission from a local court in Mumbai. The CID had taken over the investigation from the Cyberabad police and has already arrested several other accused involved in the elaborate scheme.
Details of the Rs 800 Crore Ponzi Scheme
The FID fraud case revolves around a large-scale investment scam that duped hundreds of investors. The company lured people by promising exceptionally high rates of return on their investments. After collecting huge sums of money, the scheme collapsed. Following the registration of a case by the Cyberabad police, Amardeep Kumar and several of his associates fled the country, reportedly to Dubai. The LOC issued against him had been pending since his escape, leading to his eventual detention upon his return to India.
The arrest marks a crucial step in bringing the key accused to justice and provides hope for the hundreds of investors who lost their money in the nearly Rs 800 crore fraud.
