In Telangana, thousands of individuals have lost their hard-earned savings, amounting to a staggering ₹870 crore (approximately $100 million), after falling victim to a Ponzi scheme orchestrated by a company named Falcon Invoice. The company, which promised high returns on short-term investments, has left investors scrambling to recover their funds, with police investigating the case and arresting two individuals involved.
Falcon Invoice Discounting emerged as a seemingly attractive investment opportunity, promising returns of up to 22% on short-term deposits. It claimed to connect depositors with well-known companies such as Amazon and Britannia, which convinced many to invest. Falcon Invoice attracted nearly 7,000 investors across India, amassing ₹1,700 crore (approximately $196 million) in total investments since 2021.
However, the company’s operations were not as they seemed. Authorities have revealed that Falcon used the money from new investors to pay off older investors, a typical characteristic of Ponzi schemes. The remaining funds were diverted to shell entities, leaving thousands of investors without the returns they were promised.
Arrests and Investigations
In response to the growing number of complaints, Telangana police filed a case against Falcon Invoice, leading to the arrest of two individuals involved in the scheme. The police are now actively hunting for Amardeep Kumar, the founder and main accused of Falcon Invoice, as they continue to investigate the extent of the fraud.
Despite the arrests, many victims are still unsure if they will be able to recover the money they entrusted to the company. Among them is Roopesh Chauhan, a tech employee who lost ₹1.5 crore, and S. Smriti, an assistant professor who lost ₹30 lakh. Both expressed their frustration and concern about the future, with Smriti revealing that the money was their entire savings.
This incident highlights a broader concern in India, where fraudulent investment schemes relying on fake apps, websites, and call centers have seen a significant rise in recent years. Many investors, often lured by high return promises, find themselves swindled and unable to recover their funds.
Victims’ Experiences
Ankit Bihani, a New Delhi-based jeweler, shared his experience of meeting with other investors who have collectively lost ₹50 crore in the scheme. Most victims reportedly discovered Falcon Invoice through social media platforms, which have become a key avenue for promoting such fraudulent schemes.
The loss of savings has been devastating for many victims. Some, like Roopesh Chauhan, are left questioning whether they will ever see their money again. “It is my hard-earned money. We don’t know when and how we will get it back,” he said.
Authorities are urging individuals to be cautious about investing in platforms that promise unusually high returns, particularly those found through social media. As the investigation into Falcon Invoice continues, many victims are now exploring legal remedies to recover their losses. Meanwhile, the Indian government has been under increasing pressure to clamp down on fraudulent investment schemes and take stronger action to protect investors.
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