HYDERABAD: The Crime Investigation Department (CID) on Wednesday arrested Vikas Kumar Sakhare, former chief operating officer of Falcon Group, in connection with the Rs 792 crore deposit scam that allegedly duped 4,065 victims. He has been named as Accused-27. Several other accused had been arrested earlier.
Police said the case involves criminal breach of trust, cheating and criminal conspiracy under the guise of collecting deposits.
The accused allegedly developed the Falcon Invoice Discounting Application (www.falconsgrup.com) and created fake investment deals in the names of reputed MNCs, luring depositors with promises of high returns in short-term plans.
According to CID, M/s Capital Protection Force Pvt Ltd developed and promoted the app through social media and tele-callers. Fake invoices and agreements were issued to collect deposits from investors.
Investigators said Sakhare allegedly colluded with the main accused, Amar Deep Kumar, Managing Director of Falcon Group of Companies, and others to attract and cheat investors.
Police advised the public not to invest in online schemes promising unrealistic returns.