Hyderabad, February 26 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 offense, was arrested at his residence here on Wednesday, CID Additional Director General Charu Sinha said in a statement.
The case pertains to the "unauthorised" collection of deposits, wherein the accused "cheated" the depositors by developing the Falcon Invoice Discounting Application and creating fake deals in the names of reputed MNCs, inducing the depositors under the pretext of high interest rates and collecting about Rs 4,215 crore from 7,056 depositors. Out of that, 4,065 people were cheated to the tune of Rs 792 crore by Capital Protection Force Private Ltd, operating under the Falcon Invoice Discounting App, it said.
Based on the complaints of the victims, three cases were registered under relevant sections of the BNS and the Telangana State Protection of Depositors of Financial Establishment Act, 1999 at the Economic Offences Wing (EOW) of the Cyberabad Police Commissionerate and subsequently transferred to the 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 the 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 statement added.
Sakhare, named as accused 27, colluded with the main accused, Amar Deep Kumar, Managing Director of the Falcon Group of Companies, and other accused persons to attract depositors and cheat the unsuspecting 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.