Thousands Lose ₹870 Crore in Fraudulent Ponzi Scheme Promising High Returns

Thousands of Indian investors lost a total of ₹870 crore in a Ponzi scheme operated by Falcon Invoice, which promised high returns on short-term investments. The scam, based in Telangana, misled thousands of investors by claiming to connect them with large companies like Amazon and Britannia. As the news spreads, thousands of affected investors are scrambling to recover their lost funds, with many unsure about when or if they will get their money back.

Ponzi Scheme Unraveled

According to a police statement from Telangana, Falcon Invoice collected ₹1,700 crore from nearly 7,000 investors since 2021, while repaying only half of the amount. The company, which initially promised returns of up to 22%, used money from new investors to pay returns to older ones. Additionally, it diverted funds to several shell entities, further complicating the scam. The police arrested two individuals involved in the scheme and filed a case against the company. Authorities are also searching for Amardeep Kumar, the founder of Falcon Invoice, who allegedly masterminded the fraud.

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Victims Share Their Stories

One of the victims, Ankit Bihani, a jeweler from New Delhi, met with 50 other investors to discuss ways to recover the collective ₹50 crore they had lost. Many of these investors had learned about the platform through social media, leading them to trust the scheme. “Most of them (investors) got to know about the investing platform through social media and invested in it,” Bihani told Reuters.

Among the victims is Roopesh Chauhan, a tech employee who lost ₹1.5 crore. Chauhan expressed his frustration and concern, stating, “It is my hard-earned money. We don’t know when and how will we get it back.” Another victim, S. Smriti, an assistant professor, lost ₹30 lakh. “The money was all our savings,” she said, reaching out to the police in hopes of getting some justice.

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Concerns Over Rising Fraudulent Schemes

The Falcon Invoice scam has raised alarms among Indian authorities, who are increasingly concerned about the rise in fraudulent investment schemes. These scams often rely on fake apps, websites, and call centers to deceive unsuspecting investors. With an increasing number of complaints, experts are urging the government to take stricter measures to protect investors and prevent such scams from escalating further.

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A Long Road to Justice

Despite the arrests and ongoing investigations, many victims wonder if they will ever recover their life savings.. The case highlights a growing problem of fraudulent schemes preying on individuals seeking high returns on investments, and the growing challenges faced by authorities in tackling these scams.

As the investigation continues, authorities are working to track down the masterminds behind the scheme while victims continue to search for any hope of retrieving their lost funds.

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