The Enforcement Directorate (ED) on Tuesday arrested Aryan Singh, Chief Operating Officer of M/s Capital Protection Force Pvt. Ltd., in connection with a ₹792 crore fraud linked to the company’s “Falcon Invoice Discounting Scheme.”
The arrest, made under provisions of the Prevention of Money Laundering Act (PMLA), 2002, is part of an ongoing probe into the company, its promoter Amardeep Kumar, and others, the agency said on Wednesday. Singh was produced before the Special PMLA Court, which remanded him to 14 days’ judicial custody.
The ED investigation stems from three FIRs filed by the Economic Offences Wing, Cyberabad, alleging that Amardeep Kumar, Capital Protection Force Pvt. Ltd., and associates cheated investors by offering unusually high returns. Investigators found that under the guise of the “Falcon Invoice Discounting Scheme,” investors were promised profits from funds supposedly used for invoice discounting. In reality, no such business activity ever existed.
According to the ED, Aryan Singh, as COO, was actively running the operations of this fraudulent scheme in collusion with Amardeep Kumar. Despite knowing there was no genuine business, Singh managed teams that promoted the scheme, interacted with investors to build trust, and helped divert funds. He personally benefitted, receiving ₹2.88 crore across five personal bank accounts and through his company, Karaoi (OPC).
Amardeep Kumar has been identified as the mastermind behind the scam. He even launched the “Falcon Invoice” app to attract deposits from investors. The ED says investors were duped to the tune of nearly ₹792 crore.
So far, the agency has seized a Hawker 800A aircraft, attached movable and immovable properties worth ₹18.14 crore, and arrested Sandeep Kumar (Amardeep’s brother) along with chartered accountant Shard Chandra Toshniwal in connection with the case.
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