Cyber Crime
Massive Rs 870 Crore Ponzi Scam Shocks Telangana: Thousands Duped, 2 Arrested
In a huge financial fraud case, thousands of investors in Telangana have reportedly lost nearly Rs 870 crore after falling victim to a Ponzi scheme that promised lucrative short-term returns of up to 22%.
According to statements from the Telangana Police and multiple victims, the fraudulent scheme was orchestrated by Falcon Invoice Discounting, which misled investors by falsely claiming associations with reputed companies like Amazon and Britannia.
Authorities have arrested two individuals in connection with the case, while efforts are underway to locate Amardeep Kumar, the founder of Falcon and the prime accused. Investigations reveal that the company amassed approximately Rs 1,700 crore from nearly 7,000 investors since 2021 but repaid only half of them before defaulting.
Delhi-based jeweler Ankit Bihani, who personally lost a substantial amount, stated that he recently met with 50 other affected investors to explore legal options for recovering their combined losses of Rs 50 crore. “Most of us discovered this investment opportunity through social media and were convinced by its promising returns,” Bihani told .
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Authorities have found that Falcon employed a classic Ponzi structure—using funds from new investors to pay returns to earlier ones—while diverting large sums to shell companies. Many victims, including professionals and retirees, are now left uncertain about the fate of their investments, with some having lost their entire life savings.
“It was my hard-earned money. We are unsure when or if we will ever get it back,” lamented Roopesh Chauhan, a tech professional who lost Rs 1.5 crore. Similarly, assistant professor S. Smriti, who lost over Rs 30 lakh, sought police intervention, stating, “It was all our savings.”
This case echoes a similar scam earlier this year involving Torres Jewellery, where investors were promised high returns. In January, crowds of anxious customers gathered outside Torres’ Mumbai stores after they suddenly shut down, putting investments worth crores at risk. So far, authorities have seized assets worth Rs 35 crore in that case.
As investigations continue, victims of the Falcon Invoice Discounting scam are hoping for justice and a chance to recover their losses.