Achive.php February 19, 2025 - The Cyber Shark
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Archives for February 19, 2025

Rs 850 crore Ponzi scheme busted: Two arrested in Falcon Invoice Discounting fraud

Ponzi scheme

The Economic Offences Wing (EOW) of Cyberabad has arrested two individuals linked to an Rs 850 crore Ponzi scheme operated through the Falcon Invoice Discounting Platform. The scam promised 11-12% annual returns with investment maturity within 45 to 180 days. Investors Credited amounts ranging from Rs 25,000 to Rs 9 lakh, believing they were funding legal invoice discounting services. However, the platform fabricated vendor profiles and created fake deals to mislead investors. Authorities arrested Pavan Kumar Odela, Vice-President of Capital Protection Force Pvt Ltd & Business Head of Falcon Invoice Discounting Platform, and Kavya Nalluri, Director of Capital Protection Force Pvt Ltd & Falcon Capital Ventures Pvt Ltd, on February 15. The primary accused—Amardeep Kumar (MD, Falcon Capital Ventures Pvt Ltd), Aryan Singh (COO), and Yogender Singh (CEO)—are absconding, along with 17 other suspects. Rs 1,700 Crore Collected, Rs 850 Crore Unpaid The Ponzi scheme, operating since 2021, amassed Rs 1,700 crore, of which Rs 850 crore was repaid to early investors, while another Rs 850 crore remains unpaid to 6,979 collectors across India. The Ponzi scheme collapsed on 15 January, leading to complaints from defrauded investors. Authorities discovered funds were misappropriated to establish multiple ventures, including a cryptocurrency platform, luxury hospitality, multi-level marketing, private charter services, and real estate investments. Legal Action & Warning to Investors A case has been registered under Sections 316(2), 318(4), 61(2) of Bharatiya Nyaya Sanhita (BNS) and Section 5 of the Telangana State Protection of Depositors of Financial Establishment Act, 1999. The Cyberabad police urged the public to exercise caution before investing in high-return schemes and advised investors to verify financial firms’ legitimacy through SEBI and RBI. The investigation continues to track the absconding suspects and recover funds.

Cyber fraud cost Haryana residents Rs 72.84 crore in January, according to police.

Cyber fraud

In their guidance on coping with various frauds, including “digital arrests,” the Haryana police state that the first six hours are critical if one becomes a victim of cyber fraud. According to the police, Haryana residents lost Rs 72.84 crore to cyber fruad theft in January this year. This is Rs 14 crore less than the Rs 86.18 crore cybercriminals stole from individuals in January 2024. The police say their awareness campaigns were responsible for the 433 extra cybercriminals they detained in January this year compared to January 2024. The Haryana Police’s prompt action has also resulted in a large increase in the money saved from cybercriminals in January 2025 compared to January 2024. The Haryana Police took tough measures against cyber fruad criminals, and in January 2025, they apprehended four times as many offenders. 571 offenders have been apprehended this year (130 from Haryana and 441 from other states), compared to 138 cybercriminals who were detained in January 2024, DGP Shatrujeet Kapur said in a statement. Issuing an appeal to the public, DGP Kapur said, “In this era of technology, most people are active on online platforms. If anyone calls and introduces themselves as an officer of the CBI, ED, or police and talks about the digital arrest, be immediately alert because no investigating agency does this kind of thing. People should not fall into the trap of fake share trading being broadcast on social media platforms. Before investing, be sure to officially confirm the company and website. “Additionally, people should not answer WhatsApp video and audio calls coming from abroad, especially from Cambodia, Pakistan, Sri Lanka, etc. They should be cautious of fake advertisements appearing on Telegram and Google. The Haryana Police is continuously running awareness campaigns on print and social media to educate the public about the methods adopted by cybercriminals. The only way to avoid cybercrime is through caution and vigilance, so people should be vigilant and contact helpline number 1930 immediately if there is any apprehension of cybercrime.” “The Haryana Police, which was at the 23rd position in the country in September 2023 in terms of the rate of blocked amounts in cyber fraud, has now reached the first position. The rate of blocked amounts in cyber fraud and the recovery being done by the cyber police stations, which was seven per cent of the defrauded amount in September 2023, increased to 36 per cent in December 2024, the highest in the country. If a complainant files a complaint within six hours of cyber fraud, up to 70 per cent of the defrauded amount is blocked. It is the highest success rate in the entire country,” DGP Kapur further said in the statement. Union Home Minister Amit Shah honoured the police on September 10, 2024, for efficiently implementing the cyber fruad helpline 1930. Amount saved from cyber fraud 2023 – Rs 76.85 crore 2024 – Rs 268.40 crore FIRs registered against cyber fraud 2023 – 2747 2024 – 5511 Cyber scammers arrested 2022 – 1078 2023 – 1909 2024 – 5156 Out of 5,156 cyber scammers arrested in 2024, 70% (3,555 accused) were residents of other states. The total number of arrests also averaged 14 per day in 2024. The defrauded amount was refunded to the victims 2023 – Rs 33 crore 2024 – Rs 95.45 crore