In India, US$100 million Ponzi scheme linked to Amazon leaves thousands in financial ruin
Thousands of Indian investors are struggling to recover nearly $100 million lost in a Ponzi scheme orchestrated by Falcon Invoice Discounting. The company promised returns as high as 22% by falsely claiming to connect investors with major corporations like Amazon and Britannia.
Since 2021, Falcon collected approximately $196 million from around 7,000 investors, repaying only half of that amount. The company allegedly used funds from new investors to pay off older ones, while diverting the remaining money to shell entities. Police have arrested two individuals and are currently searching for Falcon's founder, Amardeep Kumar.
via SCMP Full Text Feed
Thousands of Indian investors are struggling to recover nearly $100 million lost in a Ponzi scheme orchestrated by Falcon Invoice Discounting. The company promised returns as high as 22% by falsely claiming to connect investors with major corporations like Amazon and Britannia.
Since 2021, Falcon collected approximately $196 million from around 7,000 investors, repaying only half of that amount. The company allegedly used funds from new investors to pay off older ones, while diverting the remaining money to shell entities. Police have arrested two individuals and are currently searching for Falcon's founder, Amardeep Kumar.
via SCMP Full Text Feed
