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Jammu: Major Gen loses over Rs 2.2 crore to investment scam, Hyderabad firm booked, says police

The case was registered following complaints from two people including the Army officer, who lost money investing through the ‘Falcon Invoice Discounting app’, an officer said

The first complainant, the Major General, had been duped of more than `2.21 crore. Repayment was promised but never made by the company (Representative image)

The Jammu & Kashmir Crime Branch Sunday booked the managing director and several executives of a Hyderabad-based firm, Capital Protection Force Pvt Ltd, over a multi-crore investment app scam in which a serving Army Major General too lost over `2 crore.

The case was registered following complaints from two people including the Army officer, who lost money investing through the ‘Falcon Invoice Discounting app’, an officer said.

The firm’s MD, Amardeep Kumar and directors Anita Kumari and Sandeep Kumar were named in the complaints.

According to the FIR, Amardeep Kumar, an Indian national residing in Dubai, is the main accused in the multi-crore Ponzi-style fraud in which many Indian investors were affected.

The Crime Branch said the company’s officials fraudulently collected and misled investors with fabricated vendor profiles via social media promotions, fake deals and baseless claims of partnerships with reputed multinational companies.

The first complainant, the Major General, had been duped of more than `2.21 crore. Repayment was promised but never made by the company. The complaint also said the company had closed operations without returning the amount.

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