In a major development in the investigation into the alleged 'Falcon Invoice Discounting' scam, the police have requested banks to freeze Falcon's accounts.
The compliance has been confirmed by investors from across India, who are reaching out to Cyberabad police for assistance.
Investigations have revealed that Falcon Invoice Discounting MD Amardeep Kumar, the prime accused (A-1), fled to Dubai on January 22. Another Director, Kavya, also escaped to Dubai, indicating that the company's leadership had planned their exit well in advance. Facing mounting pressure from investors since late January, Kumar orchestrated his escape before the situation escalated further, according to police sources.
The Cyberabad police noted that had investors approached authorities earlier, swift intervention might have prevented the mass fraud. Despite growing tensions between the company and investors, no formal complaints were filed in time to stop the absconding executives. Additionally, Falcon had instructed its employees to work from home for ten days leading up to the office shutdown, further suggesting a well-planned escape strategy.
Meanwhile, top executives of the firm have switched off their phones, making it challenging for investigators to track their movements. Police teams are prepared to be dispatched once their exact locations are determined.
Bank accounts frozen Meanwhile, the Cyberabad police have written to the banks associated with Falcon Invoice Discounting, requesting them to freeze the firm's accounts. The banks have complied, preventing further financial transactions. Investors from across the country, including Telangana, Maharashtra, Gujarat, Tamil Nadu, Karnataka, Rajasthan, and New Delhi, have been reaching out to Cyberabad police over phone calls, sharing their experiences and seeking justice. Social media and WhatsApp groups have become hubs for affected investors, who continue to provide crucial information to authorities.
The Cyberabad police continue to investigate the scam, urging affected investors to come forward and lodge complaints. Meanwhile, efforts are being made to trace the absconding management and recover investors' funds.
