Hyderabad: The Telangana Crime Investigation Department (CID) has arrested Vikas Kumar Sakhare, former Chief Operating Officer (COO) of the Falcon Group, in connection with a massive investment fraud that allegedly cheated thousands of depositors.
According to the CID, the company collected Rs 4,215 crore from 7,056 depositors through its Falcon Invoice Discounting App. Of them, 4,065 investors were allegedly defrauded of Rs 792 crore after being promised high returns through short-term investment plans.
Sakhare, 40, was apprehended from his residence at Lakshmi Nagar Colony in Hydershakot, Hyderabad. He was produced before a magistrate for judicial remand. Officials said one mobile phone allegedly used in the commission of the offence was seized from him.
Investigators said Capital Protection Force Private Ltd, operating under the Falcon Group, developed the Falcon Invoice Discounting App and promoted it aggressively through social media platforms such as Google, YouTube and Instagram. Telecallers allegedly lured investors by fabricating business deals in the name of multinational companies and collected large sums as deposits, issuing invoice receipts and agreements before defaulting.
The CID alleged that Sakhare, along with Yogendra Singh, conspired with the main accused, Amar Deep Kumar, Managing Director of the Falcon Group of Companies, and others to attract investors and execute the fraud.
The scam surfaced following complaints from victims. Three cases were initially registered at the Economic Offences Wing (EOW) of Cyberabad Police under sections 316(2), 318(4) and 61(2) of the Bharatiya Nyaya Sanhita (BNS) and Section 5 of the Telangana Protection of Depositors of Financial Establishments (TSPDFE) Act, 1999.
The cases were later transferred to the CID for further investigation. Additionally, 10 related cases have been registered against the company and its directors across the country.
Police advisory
In an advisory, the CID urged the public not to fall for online investment schemes promising unrealistic returns and cautioned investors to verify credentials before investing their hard-earned money.
