Hyderabad: In a major breakthrough in the massive Falcon invoice discounting fraud, Telangana CID officers arrested Sandeep Kumar, the operations head at Capital Protection Force Pvt. Ltd., in Hyderabad on June 3. He was picked up along with an associate, Ravi Kumar, in connection with the Rs. 4,215 crore scam that’s shaken confidence in the financial sector.
Investigators say Sandeep Kumar was a central figure in the scheme that allegedly used fraudulent invoice discounting under the Falcon brand to divert huge sums of money. His arrest, CID officials believe, could unlock new details about how the scam operated and how funds were moved.
So far, seven others have been arrested over the past few months as the investigation has ramped up. With Kumar now in custody, authorities hope to piece together the complex web of transactions that left investors and regulators reeling.
The Falcon scam is one of the largest financial frauds in India’s recent history, leaving behind a trail of shattered trust among depositors and investors. CID officials say they’re determined to chase down every lead, recover as much of the money as possible, and bring everyone involved to justice.
