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In a massive financial fraud case, thousands of Indians have reportedly lost nearly ₹870 crore after falling victim to a Ponzi scheme run by Falcon Invoice Discounting in Telangana. The fraudulent investment scheme, which promised short-term returns of up to 22%, lured nearly 7,000 investors since 2021, according to Telangana Police.
Two individuals have been arrested in connection with the scam, while authorities continue to search for the main accused, Amardeep Kumar, the founder of Falcon Invoice. The company allegedly collected ₹1,700 crore from investors, repaying only half of them before ceasing payments, police said.
Investors Struggle to Recover Losses
Many victims, including business professionals, tech employees, and professors, are now struggling to reclaim their lost savings. Delhi-based jeweler Ankit Bihani revealed that he met with 50 other investors last week to discuss legal action after losing ₹50 crore collectively.
“Most investors came across Falcon through social media promotions and trusted the platform blindly,” Bihani told Reuters.
Among the victims, Roopesh Chauhan, a tech professional, lost ₹1.5 crore and is uncertain about recovering his funds. “It is my hard-earned money. We don’t know when or how we will get it back,” he said. Similarly, assistant professor S. Smriti lost ₹30 lakh and has since approached the police.
Modus Operandi: A Classic Ponzi Scheme
Authorities revealed that Falcon Invoice operated as a classic Ponzi scheme, using funds from new investors to pay off older ones while diverting significant sums to shell companies.
The case echoes a similar scam earlier this year involving Torres Jewellery, which promised high returns to customers before suddenly shutting down its stores in Mumbai. Investors in that case were left in the dark, and police later seized valuables and furniture worth ₹35 crore from the company.
Sources By Agencies
