CA arrested in ₹792cr capital protection fraud
The Enforcement Directorate (ED) has arrested Sharad Chandra Toshniwal, a chartered accountant, for his role in a massive ₹792 crore fraud involving Capital Protection Force Pvt. Ltd.
The company reportedly lured people with promises of high returns through its Falcon invoice discounting scheme—using a mobile app to collect deposits, but never actually doing any real discounting.
Toshniwal, who had been the company's auditor from the start, is accused of moving illegal money around and helping hide crime proceeds through various firms, including Rhett Healthcare Pvt. Ltd., Rhett Herbal Pvt. Ltd., RDP Workstations Pvt. Ltd., and Swastik Ghee Pvt. Ltd.
Toshniwal laundered ₹14.8 crore using cash deals
This case first came up after three FIRs were filed by Cyberabad's Economic Offence Wing.
Investigators say Toshniwal laundered about ₹14.8 crore using cash deals and shifted shares to relatives and benamis to cover his tracks.
Authorities have already seized properties worth over ₹18 crore in connection with the case.
Earlier, Sandeep Kumar—the brother of the main accused—was also arrested.
As of August 20, Toshniwal has been sent to 14 days' judicial custody while the investigation continues.