According to a police statement and many victims Reuters spoke to, thousands of Indian investors are frantically trying to recover around $100 million after falling victim to a Ponzi scam that tricked them into making short-term investments that promised large returns.
After a lawsuit was filed against Falcon Invoice Discounting, which claimed to link investors with companies like Amazon (AMZN.O), opens a new tab, and biscuit manufacturer Britannia, Indian police arrested two people on Saturday. The company had promised returns of up to 22%.
According to a police statement in the southern state of Telangana, Falcon has only paid back half of the 17 billion rupees (about $196 million) it has collected from over 7,000 investors since 2021.
