The NCCIA raided the call centre in Shangla Hill, Shahkot Road. The call centre is reportedly owned by a former chairman of Faisalabad Electric Supply Company (FESCO) board of directors. As many as 149 persons – including locals and foreigners – were found working in the illegal establishment, who were arrested on the spot.
Among the workers, 78 are Pakistanis while 73 are foreigners. Seven cases, ranging from fraud to deception, have been registered against the accused. According to sources, Malik Tahseen Awan is the prime suspect in all seven cases, and raids are under way to apprehend him.
The Telangana Crime Investigation Department (CID) has arrested the Chief Operating Officer (COO) of Falcon Group, Aaryan Singh, in Rs 4,215 crore scam.
Aaryan Singh alias Aaryan Singh Chhabra was apprehended by the Telangana CID at Bathinda, Punjab, on July 4 and produced before the local court for transit remand.
He was brought to Hyderabad on Sunday and produced before a magistrate for judicial remand, said Additional Director General of CID, Charu Sinha.
This is a case of collection of unauthorised deposits, criminal breach of trust, cheating and criminal conspiracy, wherein the accused cheated the depositors, by developing Falcon Invoice Discounting Application, and created fake deals in the name of reputed MNCs, induced the depositors under the pretext of high interest rates with short term plans and collected about Rs 4,215 crores from 7056 depositors, out of which 4065 victims were cheated to the tune of Rs 792 crore.
On the complaints of victims, three cases were registered under sections 316(2), 318(4), 61(2) of BNS and section 5 of TSPDEF Act, 1999 at EOW Police Station of Cyberabad and transferred to CID for further investigation.
Eight more cases have been registered against the accused company and its directors across India.
According to the CID, the accused company M/s Capital Protection Force Pvt Ltd developed the Falcon Invoice Discounting Application and advertised through Social Media platforms i.e., Google, YouTube, and Instagram and through Tele-callers, created fake deals in the name of MNCs and collected crores of rupees as deposits from the innocent depositors and issued invoice receipts and agreements and cheated the public.
Aaryan Singh, who is listed as accused number five, was actively involved with the main accused, Amar Deep Kumar, MD of the company and other accused persons to attract depositors, and cheated the gullible victims.
The CID official said he was the face of the scam and dealt with the victims and issued the receipts. He collected strategic deposits to the tune of Rs 14.35 crore
Aaryan Singh diverted an amount of Rs 1.62 crore to his account from the funds of Falcon. Soon after the reporting of the crime, he fled to Nanded and from there to Bathinda, Punjab and took shelter in a Gurudwara.
On credible information, a special team of CID Telangana went to Bathinda and apprehended him. Police seized two cell phones and incriminating documents from his possession.
In addition to Aaryan Singh, nine persons have been arrested in this case so far. Active investigation is in progress for arresting all the absconding accused and establishing the crime, the CID said.
The Securities and Exchange Commission (SEC) has launched a fresh campaign to expose the tactics of Ponzi schemes using the China Beijing Equity Exchange (CBEX) as a case study to warn the public and protect investors.
During a special episode of the SEC Nigeria Podcast, co-hosted by Amadou Ajagwala, Frana Chukwuogor, executive commissioner for Legal and Enforcement, explained how Ponzi schemes operate and how unsuspecting Nigerians can avoid falling victim.
She cited red flags to Ponzi Schemes which include unrealistic promises of high or guaranteed returns, pressure to recruit others before profiting, lack of transparency about the business model or how returns are generated and unregistered promoters or platforms.
Ponzi schemes often lure people in with promises of extraordinary returns with little or no risk, usually marketed through flashy social media campaigns and endorsements by online influencers, according to her.
“If someone is offering you an investment opportunity and asking you not to ask too many questions, that’s a red flag,” she warned. “If it sounds too good to be true, it probably is.”
“CBEX promised high returns and guaranteed profits, but it was built on nothing but deception,” Chukwuogor said. “It had no sustainable business model and relied entirely on new investors’ money to pay older ones, which is classic Ponzi behaviour.”
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As part of its regulatory mandate, SEC enforces strict registration of investment operators, conducts market surveillance, applies sanctions where necessary, and carries out extensive investor education.
“A well-informed investor is a protected investor,” Chukwuogor said while adding that education is key to stopping the spread of financial scams.
To further strengthen its campaign, the commission is launching a nationwide outreach initiative aimed at educating Nigerians in markets, schools, churches, mosques, and other community spaces.
Chukwuogor highlighted the new Investment and Securities Act 2025, which introduces harsher penalties for Ponzi operators and their collaborators. Under the new law, perpetrators face a minimum of 10 years imprisonment, a fine of at least N20 million applies, and recruiters or facilitators of these schemes are also liable for prosecution.
“Many people who get others involved think they’re just helping, but under the law, they could also be charged for facilitating fraud,” she noted.
The commission continues to urge Nigerians to verify before they invest and to always ensure that any investment platform or operator is properly registered with the SEC. Chukwuogor noted that vigilance is key and calls to action, saying, “If you see something, say something,” implying that people should report suspicious investment schemes to the SEC through any of the available channels.
