Hyderabad: Criminal Investigation Department (CID) police arrested Bihar’s Rs 7,92 crore Falcon Ponzi scheme fraud case on Saturday, and Rabindra Prasad Singh, the father of Sandeep Singh, arrested Rabindra Prasad Singh. Police also arrested Sandeep Singh’s wife, Susma Raj.
Prasad Singh founded Falcon, a human security company. Although the fraud was conducted under the management of his son, Prasad Singh was accused of playing a role in the fraud.
Police said Sandeep’s wife Susma Raj assisted Amardeep Singh and obtained the proceeds of crime and lived a luxury life. After the case was reported, the entire family escaped from Hyderabad.
Rabindra Prasad Singh and Susma Raj were produced in local courts for transit custody. Working to arrest the remaining defendants. Police recently arrested the CEO of Yogendra Singh, deputy company of Falcon Invoice Discount Company.
The investigative team recovered the charges from the circumstances it owned, including large amounts of cash, fixed deposits, jewelry, bank cards and other documents. Through trial, more property purchased with proceeds of crime have been determined.
Cash worth Rs 8 lakh, fixed deposits worth hundreds of lakh, passports and other documents have been recovered from the defendant’s property.
The defendant deceived the depositor by developing a Falcon invoice discount application developed by Capital Protection Force Pvt Ltd. They created fake transactions under the name of famous multinational corporations and lured depositors under the pretext of high interest rates for short-term plans and collected about Rs 4,215 crore in reserves from 7,056 depositors.
According to initial estimates, about 4,065 victims were deceived into the tune of Rs 7,92 crore, which is a huge Ponzi scheme. Three cases were registered according to the victim’s complaints. Further investigation is underway.
