Falcon scam: Chief operating officer Aaryan Singh arrested; 4,065 duped of Rs 792 crore

HYDERABAD: The Crime Investigation Department arrested Aaryan Singh, the chief operating officer of Falcon Invoice Discounting, on Sunday, for his key role in the diversion of funds in an investment fraud in which 4,065 depositors were duped of 792 crore by the firm.

Officials said Aaryan Singh was actively involved with the main accused, Amardeep Kumar, the company's managing director, and the other accused to attract depositors and cheat gullible victims. "He was the face of the scam, dealing with the victims and issuing receipts. He collected deposits totalling 14.35 crore from victims on behalf of the company," officials said.

So far, the CID has arrested ten people in the case.