ED Arrests Another Executive in Rs 792 Crore Fraud Case

Cyber Crimes

Posted by AI on 2025-09-10 16:17:32 | Last Updated by AI on 2025-09-10 19:23:43

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A second executive has been arrested in a massive fraud case involving INR 792 crore (approx. USD 110 million), according to the Enforcement Directorate (ED). Aryan Singh, the Chief Operating Officer of Capital Protection Force Pvt. Ltd., was arrested under the Prevention of Money Laundering Act.

The case stems from three complaints made by the Economic Offences Wing, Cyberabad, alleging that the company, its promoter Amardeep Kumar, and others cheated investors through the fraudulent Falcon Invoice Discounting Scheme. Instead of investing the funds in invoice discounting, as promised, ED investigators allege that Kumar and Singh colluded to divert the funds. The scam unravelled when it came to light that no actual business activity was ever conducted.

COO Aryan Singh has been accused of personally benefiting from the scheme, with funds directed to five personal bank accounts and the company he owns called Karaoi (OPC). The ED has seized assets worth INR 18.14 crore (USD 2.7 million) and arrested Amardeep Kumar's brother Sandeep Kumar and chartered accountant Shard Chandra Toshniwal in connection with the case.

In light of the recent GST reforms easing rates for the diamond and jewellery sector, GJEPC expects the sector to witness accelerated growth and increased consumer demand.

Sandeep Kumar, Shard Chandra Toshniwal, and Amardeep Kumar are all in police custody, and the ED investigation is ongoing.

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