Falcon Group COO arrested in ₹4,215 crore investment fraud case
HYDERABAD: The Crime Investigation Department (CID) on Wednesday arrested Vikas Kumar Sakhare, chief operating officer of Falcon Group of Companies, in connection with the alleged ₹4,215 crore investment fraud operated through digital platforms.
Sakhare, 40, a resident of Hydershakot, is being produced before a magistrate. He has been named the 27th accused in the case.
The arrest comes nearly two months after the CID took into custody the group’s managing director, Amardeep Singh.
App promoted invoice discounting scheme online
Additional Director General (CID) Charu Sinha said Sakhare played a key role in designing and promoting the investment scheme.
“Vikas developed the Falcon Invoice Discounting application and advertised through social media platforms, ie Google, YouTube and Instagram. Through tele-callers, he created fake deals in the name of MNCs, collected crores as deposits from innocent depositors, issued invoice receipts and agreements, and cheated the public,” she said.
Investigators alleged that the accused acted together to fabricate business deals purportedly involving reputed multinational companies. Depositors were allegedly promised high returns within a short period.
4,065 victims identified; ₹792 crore liabilities pending
Officials said the network collected ₹4,215 crore from 7,056 investors.
The probe has so far identified 4,065 victims who were allegedly cheated. Outstanding liabilities are estimated at ₹792 crore, officials added.
The CID investigation is continuing.
