New Delhi, Sep 3 (UNI) The Enforcement Directorate (ED) today said that they have arrested one Aryan Singh the Chief Operating Officer(COO) of Capital Protection Force Pvt. Ltd in connection with a PMLA case related to cheating gullible investors to the tune of Rs 792 Crore on the pretext of high returns on their investments.
The arrest was made from its Hyderabad Zone office. The ED case is against Capital Protection Force Pvt. Ltd, Amardeep Kumar and others.
The ED said that Aryan Singh was produced in Special PMLA Court which has remanded him to 14 days of judicial custody.
The ED initiated investigation on the basis of three FIRs registered by Economic Offence Wing, Cyberabad wherein it was alleged that Amardeep Kumar, Capital Protection Force Pvt. Ltd and others fraudulently cheated gullible investors on the pretext of high returns on their investments.
“ED investigation revealed that Capital Protection Force Pvt. Ltd., in the name and style of ‘Falcon invoice discounting scheme’, lured investors on the pretext of providing funds for invoice discounting in exchange of promising returns based on the invoices discounted, but failed to repay their invested amounts,” said the official.
“Amardeep Kumar was the mastermind behind the scam and he developed Falcon invoice app in order to receive deposits from the investors. ED investigation revealed that in reality, no business of invoice discounting was carried out and the accused cheated investors to the tune of Rs 792 Crore,” the official said.
The ED investigation revealed that Aryan Singh, in his capacity as Chief Operating Officer of Capital Protection Force Pvt. Ltd., was actively managing the operations of the fraudulent “Falcon Invoice Discounting” scheme in collusion with the mastermind Amardeep Kumar. Though Aryan Singh had complete knowledge of the fact that there was no genuine business activity, he lured unsuspecting investors into the scheme. Aryan Singh managed a team of employees who not only promoted the fraudulent business but also interacted with investors to gain their confidence.
He also assisted Amardeep Kumar in diverting the invested funds and personally benefitted by receiving Proceeds of Crime amounting to Rs. 2.88 Crore in his five personal bank accounts as well as the bank account of his entity ‘Karaoi (OPC).
ED had earlier seized a Hawker 800 A aircraft in the case; attached movable and immovable properties worth Rs. 18.14 Crore and arrested Sandeep Kumar (brother of main accused Amardeep Kumar) and Shard Chandra Toshniwal, Chartered Accountant.
Further investigation into the matter is ongoing.
