Telangana CID nabs Falcon Group COO for role in Rs 4,200-crore investment scam

Hyderabad: Nearly two months after the arrest of Falcon Group of Companies managing director Amardeep Singh, the Crime Investigation Department (CID) on Wednesday arrested the firm's chief operating officer for his alleged role in the multi-crore investment fraud carried out through digital platforms.The accused, 40-year-old Vikas Kumar Sakhare, a resident of Hydershakot, was taken into custody and is being produced before a magistrate. Investigators said he played a crucial role in designing and promoting the scheme that lured thousands of investors. "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 of rupees as deposits from innocent depositors, issued invoice receipts and agreements, and cheated the public," additional director general of police (CID) Charu Sinha said. Sakhare has been named as 27th accused in the case. According to investigators, the accused acted in concert to fabricate business deals purportedly involving reputed multinational companies and enticed depositors with promises of high returns within a short period. Officials said the network allegedly collected ₹4,215 crore from 7,056 investors. The probe has so far identified 4,065 victims who were cheated, with outstanding liabilities estimated at ₹792 crore.