Telangana Is Shocked by a Massive Rs 870 Crore Ponzi Scheme: Thousands Are Tricked, Two Arrested

Thousands of Telangana investors have reportedly lost up to Rs 870 crore in a massive financial fraud case after falling for a Ponzi scheme that promised them high short-term profits of up to 22%. Falcon Invoice Discounting, which deceived investors by claiming affiliations with reputable organizations like Amazon and Britannia, was responsible for the fraudulent scam, according to testimonies made by the Telangana Police and several victims. In relation to the case, authorities have detained two people, and they are working to find Amardeep Kumar, the primary culprit and Falcon's founder. According to investigations, the business accumulated almost Rs 1,700 crore from about 7,000 investors since 2021, but only paid back half of them before going into default.

Ankit Bihani, a jeweler in Delhi who has suffered significant losses himself, said he recently met with 50 other impacted investors to discuss legal alternatives for recouping their Rs 50 crore in losses. "The majority of us learned about this investment opportunity via social media and were persuaded by its impressive returns," Bihani said.

Authorities have discovered that Falcon diverted substantial amounts to shell firms while using a traditional Ponzi scheme, which uses money from new investors to pay returns to previous ones. Many victims, including pensioners and professionals, are now unsure about what will happen to their investments; others have lost all of their life savings. It was money I had worked so hard to earn. "We don't know if or when we'll ever get it back," said Roopesh Chauhan, an IT worker who lost Rs 1.5 crore. Similarly, after losing more than Rs 30 lakh, associate professor S. Smriti called the police, saying, "It was all our savings."

A similar scam involving Torres Jewellery earlier this year, in which investors were promised large profits, is reminiscent of this instance. Crowds of worried consumers gathered outside Torres' stores in Mumbai in January after they abruptly closed, endangering crores of dollars' worth of investments. In that case, officials have so far recovered assets valued at Rs 35 crore. Victims of the Falcon Invoice Discounting scam are hoping for justice and a chance to recoup their losses as investigations continue.

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