PNS|Hyderabad
A major investment scam running into crores has been unearthed with the arrest of Falcon Group CEO Avinash by the Telangana CID Economic Offences Wing.
The action came after investigations revealed that the group had allegedly duped investors of around Rs 160 crore by promising attractive returns.
CID officials said that the Falcon Group collected huge amounts from the public in the name of property and investment schemes. Initially, they paid returns to investors to gain their confidence. Later, when the collections increased, they stopped payments and closed offices in several places, leaving investors in the lurch.
The Economic Offences Wing, which registered the case, found that the company floated fake schemes promising 36 per cent annual returns and special property-related benefits.
“The accused misled gullible investors through false assurances, fancy brochures and flashy marketing. Once the investments crossed a large threshold, the promoters abruptly ended the schemes,” CID officials said.
CEO Avinash was arrested on May 5 and produced in court. Investigation is underway to trace other company directors and agents who played a role in the scam.
The CID urged citizens to be wary of investment schemes and report suspicious activities. They have also cautioned that those involved in cheating investors will face strong legal action.
