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Hyderabad: CID arrests Falcon Company CEO for Rs 4,215 cr scam

Hyderabad, May 6 (UNI) The state Crime Investigation Department (CID) on Tuesday arrested Yogendra Singh, the CEO of Falcon Company, for allegedly cheating people to the tune of Rs 4,215 crores.
The accused allegedly induced the depositors on the pretext of high interest rates to deposit huge amounts thereby collecting about Rs 4,215 crore from 7,056 depositors, said Shikha Goel, Director General, CID in a release here.
As per initial estimated about 4,065 depositors were cheated to a tune of Rs 792 crores, she said.
The 38-year-old CEO, who had been absconding since the registration of case in February this year was arrested by the CID and produced before the Magistrate for judicial remand.
On the complaints of several victims, three case were registered u/Sec 316(2), 318(4) ,61(2) of BNS and Section 5 of TSPDEF Act, 1999 at EOW Police station Cyberabad and later transferred to CID for further investigation, she added.
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Tags: #Hyderabad: CID arrests Falcon Company CEO for Rs 4#215 cr scam
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