Hyderabad: The Telangana Crime Investigation Department (CID) has detained Vikas Kumar Sakhare, the former COO of Falcon Group, for his involvement in a substantial investment scam. This scheme reportedly deceived thousands of investors.
The CID revealed that the company gathered Rs 4,215 crore from 7,056 investors through its Falcon Invoice Discounting App. Out of these, 4,065 were allegedly swindled out of Rs 792 crore, after being lured with promises of high returns from short-term investments.
Sakhare, aged 40, was captured at his home in Lakshmi Nagar Colony, Hydershakot, Hyderabad. He was later presented before a magistrate for remand. Authorities confiscated a mobile device purportedly used in the crime.
Investigators disclosed that Capital Protection Force Private Ltd, under Falcon Group, created the Falcon Invoice Discounting App and aggressively promoted it on platforms like Google, YouTube, and Instagram. Telecallers allegedly enticed investors by forging business deals with multinational companies, collecting hefty deposits, and issuing receipts and agreements before defaulting.
The CID accused Sakhare, alongside Yogendra Singh, of colluding with Amar Deep Kumar, the Managing Director of Falcon Group, and others to lure investors and carry out the fraud.
The fraud came to light after victims filed complaints. Initially, three cases were filed at the Economic Offences Wing (EOW) of Cyberabad Police under specific sections of the Bharatiya Nyaya Sanhita (BNS) and the Telangana Protection of Depositors of Financial Establishments (TSPDFE) Act, 1999.
These cases were later transferred to the CID for further probing. Moreover, 10 additional cases have been lodged against the company and its directors nationwide.
The CID advised the public to be cautious of online investment schemes offering unrealistic returns, urging them to verify credentials before investing their money.
