The Telangana Criminal Investigation Department (CID) arrested Aaryan Singh, the Chief Operating Officer (COO) of a large-scale Ponzi scheme disguised as an invoice discounting platform. The scheme operating under the name of ‘Falcon’ has siphoned off at least ₹792 crore of 4,065 unsuspecting investors.
Singh, aged 39, was arrested in Bathinda, Punjab on July 4 and brought to Hyderabad on a transit remand. He was produced before a magistrate on Saturday and has been remanded to judicial custody. He is the tenth person to be arrested in the ongoing investigation.
The company allegedly used social media platforms like YouTube, Google and Instagram, as well as tele-calling operations, to lure depositors by offering high short-term returns through fake deals with reputed multinational corporations.
According to CID officials, Singh, who resided in Banjara Hills, Hyderabad, played a key role in the fraud. As COO, he not only issued receipts and agreements to depositors but was also actively involved in designing the scheme with the company’s Managing Director, Amar Deep Kumar. Singh reportedly collected strategic deposits worth ₹14.35 crore from victims and diverted ₹1.62 crore into his personal account.
The case was booked by the Economic Offences Wing, Cyberabad and later transferred to the CID for further investigation. Another eight FIRs have been filed against the company and its directors across the country.
Following the initial complaints, Singh is believed to have fled to Nanded before moving to Bathinda, where he took shelter in a gurdwara. A CID team, acting on specific intelligence, tracked him down and seized two mobile phones and several incriminating documents during his arrest.
Published – July 06, 2025 08:30 pm IST
