Falcon MD held in ₹850 cr digital scam

Hyderabad: Falcon Managing Director (MD) Amar Deep has been taken into custody by the police in connection with an alleged Rs 850 crore digital investment scam. He was taken into custody in Mumbai late Monday night soon after arriving from the Gulf. Police officials said the arrest was made following a specific immigration alert. Acting on the inputs, a special team intercepted Amar Deep at the Mumbai airport. A Look Out Circular (LOC) had earlier been issued against him in the case.

Investigators allege that the accused cheated investors of around ₹850 crore by launching app-based digital deposit schemes. Funds were collected by promising investments in multinational companies and high-return opportunities in the share market. According to the police, the schemes were marketed as secure, technology-driven investment products offering assured and unusually high returns. However, they later turned out to be fraudulent.

Officials said Amar Deep and his wife allegedly fled to Dubai on a chartered flight soon after the scam came to light, prompting authorities to step up surveillance and track his international movements. Earlier, the police arrested the company’s CEO and Amar Deep’s brother in connection with the case. The ongoing investigation is now focused on tracing the money trail, identifying more accomplices, and attaching properties allegedly acquired through the proceeds of crime. Amar Deep is expected to be brought to Hyderabad for further questioning and will be produced before a court. Police said the probe is continuing and more arrests and recoveries are likely in the coming days.