Hyderabad (Telangana) [India], February 26 (HBTV): The Crime Investigation Department (CID) of Telangana has arrested Vikas Kumar Sakhare, former Chief Operating Officer of the Falcon Group, in connection with an alleged large-scale investment fraud.
Sakhare was produced before a Magistrate for judicial remand as the investigation continues.
He was apprehended at his residence in Hyderashakot, Hyderabad, for his alleged role in a scam involving over INR 4,215 crore collected from more than 7,000 depositors across the country.
A subsidiary, Capital Protection Force Private Limited, is alleged to have cheated 4,065 victims of INR 792 crore.
Sakhare allegedly conspired with the Managing Director of the Falcon Group, Amardeep Kumar, and other associates to attract and defraud investors.
Given the scale of the alleged fraud, three primary cases initially registered at the Economic Offences Wing in Cyberabad were transferred to the CID for further investigation. The company and its directors are also facing ten additional cases registered across India.
According to officials, the accused developed the Falcon Invoice Discounting Application and ran aggressive promotional campaigns on digital platforms to lure investors. The group allegedly promised high returns on short-term investment plans and created fake deals in the names of reputed multinational companies to gain credibility.
After collecting funds, the company allegedly issued invoice receipts and agreements to maintain the appearance of legitimate operations.
Following specific intelligence inputs, the CID team arrested Sakhare and seized a mobile phone suspected to have been used in the commission of the offences.
Charu Sinha, Additional Director General of Police, CID, Telangana, issued a public advisory urging people not to trust online schemes promising ‘unbelievable returns’ and to avoid investing in unverified platforms.
(ANI)