The Directorate of Enforcement (ED) has arrested Chartered Accountant Sharad Chandra Toshniwal for his alleged involvement in the ₹792 crore Falcon invoice discounting scam.
According to the ED, Toshniwal, who served as the statutory auditor for the company Capital Protection Force Pvt. Ltd. since its inception, was fully aware of its fraudulent activities. The company, led by its promoter Amardeep Kumar, duped investors with a fake “Falcon invoice discounting scheme” that promised high returns but had no legitimate business.
The investigation revealed that Toshniwal not only managed the finances for Amardeep Kumar’s family firms but also helped funnel the illegal funds into various other companies, including Rhett Healthcare Pvt. Ltd. and Swastik Ghee Pvt. Ltd. He is also accused of arranging cash transactions to move illicit money between different entities. The ED considers him a key conspirator in the money laundering network.
Toshniwal has been placed in 14-day judicial custody, and the investigation is still ongoing to trace additional funds and identify other individuals involved. Earlier, the ED had already attached assets worth ₹18.14 crore and arrested Sandeep Kumar, the brother of the main accused.