Telangana CID arrests Worldline Executive in Falcon Invoice Discounting Fraud Case
Hyderabad, June 19(TNT): The Crime Investigation Department (CID), Telangana, has arrested a senior executive of Worldline E-Payment Gateway in connection with the multi-crore Falcon Invoice Discounting fraud case involving alleged collection of unauthorised deposits, cheating, criminal breach of trust and criminal conspiracy.
Sheik Mohideen (46), Executive Vice President of Worldline E-Payment Gateway, Mumbai, was arrested for his alleged role in facilitating transactions linked to the fraudulent investment scheme, the Agency said in a release here on Friday.
The case relates to the operation of the Falcon Invoice Discounting application and website, through which the accused allegedly created fake investment opportunities in the names of reputed multinational companies and lured investors with promises of high returns through short-term investment plans.
The scheme allegedly mobilised about Rs 4,215 crore from 7,056 depositors across the country. Of these, 4,065 investors were allegedly cheated of Rs 792 crore through M/s Capital Protection Force Private Limited, which operated under the Falcon Invoice Discounting platform.
Based on complaints from victims, cases were registered under relevant provisions of the Bharatiya Nyaya Sanhita (BNS) and the Telangana State Protection of Depositors of Financial Establishments Act, 1999, before being transferred to CID Telangana for detailed investigation.
Several related cases have also been registered against the principal accused and associates in different parts of the country.
The agency said the investigation revealed that Mohideen allegedly colluded with the main accused and facilitated the collection of deposits by providing payment gateway services through Worldline E-Payment Gateway.
The agency alleged that the company received approximately Rs 7.53 crore as transaction-related earnings from the fraudulent operations.
The accused was produced before a court and remanded to judicial custody.
Further investigation is underway.
The CID advised the public not to invest in online invoice discounting or similar schemes that promise unusually high returns and urged investors to verify the authenticity and legality of investment platforms before investing money.
TNT TS
