In the Indian state of Telangana, thousands lost their savings totaling Rs 870 Crore in a Ponzi scheme by Falcon Nnvoice. The company duped them into making short-term investments to get high returns.
Falcon Invoice promised them up to 22% returns on their short term investments. After a case was filed against them, Telangana police arrested two individuals on Saturday, February 15. The company claimed to connect depositors with the likes of Amazon and Britannia.
Reportedly, Falcon Invoice collected as much as 1,700 Crore from its investors, but repaid only half of it. The investors came to know about Falcon Invoice via Social Media and put their money in the fraudulent organisation.
The company used money from their new investors to pay back their old investors and kept the scheme going. Reportedly, as many as 7,000 individuals invested their money in the Ponzi scheme.
