Nearly 10 months after the Falcon Invoicing Discounting (FID) fraud surfaced, immigration authorities detained the alleged mastermind, Amardeep Kumar, at Mumbai airport, marking a major breakthrough in the high-value ponzi scheme case.
Amardeep was intercepted on Monday night after arriving in Mumbai from a Gulf country. Following the detention, a team from Telangana police rushed to Chhatrapati Shivaji Maharaj International Airport to seek his custody. Sources said Amardeep faces multiple criminal cases across different parts of the country.
“Amardeep is facing multiple criminal cases in various parts of the country. But since Telangana police first obtained an LOC against him in Feb 2025, Amardeep’s custody will first be given to Telangana police,” sources said.
However, the Crime Investigation Department (CID) of Telangana, which is handling the invoicing fraud probe, clarified that it has not formally arrested him yet. Officials said Amardeep is likely to be arrested on Tuesday after securing permission from a local court.
The Falcon Invoicing Discounting scheme is accused of defrauding investors of nearly Rs 800 crore. Investigators said the company collected large sums from hundreds of investors by promising unusually high returns. When the scheme collapsed, complaints were filed, triggering a criminal investigation.
After a case was registered by Cyberabad police, Amardeep and several associates allegedly fled to Dubai to evade arrest. A Look Out Circular (LOC) was subsequently issued against him, which remained active until his detention at the Mumbai airport.
The investigation was later transferred to the Telangana CID, which has since arrested multiple accused linked to the fraud. Authorities believe Amardeep played a central role in designing and running the ponzi scheme and in diverting investor funds.
Officials said further action will follow once Amardeep is produced before a court and formally taken into custody. The investigation remains ongoing as agencies continue to identify additional links, recover funds, and trace other suspects connected to the large-scale financial fraud.
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