The Telangana CID has apprehended the former Chief Operating Officer (COO) of Falcon Group linked to a Rs 792 crore deposit fraud case. Vikas Kumar Sakhare, who allegedly played an active role in the offence, was held at his residence in Hyderabad on Wednesday, CID Additional Director General Charu Sinha stated in a release.
The case relates to the unauthorised collection of deposits. The accused allegedly cheated investors by developing the Falcon Invoice Discounting Application and creating fake investment deals in the names of reputed multinational companies. Depositors were lured with promises of high interest rates.
Around Rs 4,215 crore was collected from 7,056 depositors. Of this, 4,065 people were allegedly cheated to the tune of Rs 792 crore by Capital Protection Force Private Ltd, which operated under the Falcon Invoice Discounting App, the release said.
Based on complaints from 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. The cases were later transferred to the CID for further investigation.
In addition, 10 more cases were registered against the company and its directors in different parts of the country. According to the release, M/s Capital Protection Force Pvt Ltd developed the Falcon Invoice Discounting Application and promoted it through social media. Tele-callers were used to create fake deals in the names of multinational companies. The firm collected crores of rupees as deposits, issued invoice receipts and agreements,and allegedly cheated investors.
Sakhare, listed as accused number 27, allegedly colluded with the main accused Amar Deep Kumar, Managing Director of the Falcon Group of Companies, and other associates to attract depositors and cheat them.
The accused had been operating the scheme since 2021. They continuously brought in new investors to pay returns to earlier ones, effectively running a Ponzi scheme. The funds collected were allegedly diverted to several shell companies. By January 15, 2025, the scheme collapsed. Promised returns stopped and the Hyderabad office was shut down, which led depositors to lodge complaints.
Follow us
