Falcon Invoice Discounting (FID) defrauded as many as 6,979 victims, police say. The accused collected Rs 1,700 crore from investors of which they repaid Rs 850 crore, they added. Police arrested the director of FID, Nalluri Kavya, on Sunday, a day after nabbing the company’s business head, Pavan Kumar Odela. Currently, Amardeep Kumar, Aryan Singh, and another accused Sandeep, are holed up in Dubai, the police said. The company claimed to connect depositors with reputed companies such as Britannia, Amazon, and Godrej, while in reality, they fabricated vendor profiles and created fake deals to project authenticity, they said. They were previously involved in a criminal case registered in Chevella, where victims were duped in a multi-level marketing scheme, police said, adding that three of the accused are currently in Dubai. The scheme collapsed on Jan 15, and they failed to provide the promised returns, leading to the office being shut down and prompting depositors to file complaints with the police.
