Chartered Accountant Arrested Over Falcon Invoice Scam Worth Rs 792 Crore
A Chartered Accountant (CA) was arrested by the Directorate of Enforcement (ED) on Wednesday, August 20. The CA, Sharad Chandra Toshniwal, is accused of being connected with a major financial fraud case linked to Capital Protection Force Pvt. Ltd., a company run by Amardeep Kumar and his associates. He had a significant role in hiding and moving the illegal funds.
Previously, the ED had seized the properties amounting to Rs 18.14 crore and arrested Sandeep Kumar, who is the brother of Amardeep Kumar.
The inspection started when the Economic Offences Wing (EOW) of Cyberabad accused Amardeep Kumar, Capital Protection Force Pvt. Ltd and associates of cheating the investors. The fraud was done under the fake ‘Fake Invoice Discounting Scheme‘, where the investors were promised that they would receive high returns if they funded invoice discounting. However, in reality, the company never did any invoice discounting. Instead, they took Rs 792 Crore from the investors and never paid any money.
As per ED, Sharad Toshniwal worked as the company’s statutory auditor since the company was established. He knew everything about the scam and played a key role in managing the finances of companies linked to Amardeep Kumar and his family. He helped the companies to invest the proceeds of crime into other businesses such as Rhett Healthcare Pvt. Ltd., Rhett Herbal Pvt. Ltd., RDP Workstations Pvt. Ltd., and Swastik Ghee Pvt. Ltd. He held shares in these firms under benami names and in the names of relatives. The ED further found that Toshniwal directly handled Rs 14.81 crore in cash as part of the money laundering activities.