Telangana CID arrests Falcon Group ex-COO in Rs 792-cr investment scam
The case pertains to "unauthorised" collection of deposits wherein the accused "cheated" the depositors, by developing Falcon Invoice Discounting Application and created fake deals in the names of reputed MNCs
The Telangana CID has arrested the former chief operating officer (COO) of Falcon Group in connection with the Rs 792 crore deposit "fraud".
Vikas Kumar Sakhare, who played an active role in the offence, was arrested at his residence here on Wednesday, CID Additional Director General Charu Sinha said in a release.
The case pertains to "unauthorised" collection of deposits wherein the accused "cheated" the depositors, by developing Falcon Invoice Discounting Application and created fake deals in the names of reputed MNCs, induced the depositors under the pretext of high interest rates and collected about Rs 4,215 crore from 7,056 depositors. Out of that, 4,065 people were cheated to the tune of Rs 792 crores by the Capital Protection Force Private Ltd, working under Falcon Invoice Discounting App, it said.
On the complaints of victims, three cases were registered under relevant sections of BNS and the Telangana State Protection of Depositors of Financial Establishment Act, 1999, at the Economic Offences Wing (EOW) of Cyberabad Police Commissionerate and subsequently transferred to CID, for further investigation.
Another 10 cases were registered against the accused company and its Directors across the country.
The company M/s Capital Protection Force Pvt Ltd, developed Falcon Invoice Discounting Application and advertised through social media platforms, and through tele-callers created fake deals in the name of MNCs and collected crores of rupees as deposits from the depositors and issued invoice receipts and agreements and "cheated" the public, the release added.
Sakhare, named as accused 27, colluded with the main accused Amar Deep Kumar, MD of the Falcon Group of Companies, and other accused persons to attract depositors and cheated the gullible victims.
Operating since 2021, the accused continuously recruited new depositors to pay returns to earlier investors, forming a Ponzi scheme.
The funds collected were diverted into various shell companies. By January 15, 2025, the scheme collapsed, promised returns were halted, and the office in Hyderabad was shut down, prompting depositors to file complaints.
