Telangana: CID arrests Falcon Group ex-COO in connection with Rs 4,215 cr investment fraud

He was produced before a Magistrate for judicial remand as the investigation continues.

Sakhare was apprehended at his residence in Hyderashakot, Hyderabad, for his alleged role in a massive investment scam involving over Rs 4,215 crore collected from over 7,000 unsuspecting depositors across the country.

However, a specific subsidiary called Capital Protection Force Private Limited is alleged to have cheated 4,065 victims out of 792 crore.

Sakhare allegedly conspired with the Managing Director of the Falcon Group, Amardeep Kumar, and other associates to attract and then defraud gullible victims.

Due to the severity of the crime, three primary cases initially registered at the Economic Offences Wing in Cyberabad were transferred to the CID for a deeper probe. Furthermore, the company and its directors are facing ten additional cases registered throughout India.

The accused utilised a peculiar modus operandi by developing the Falcon Invoice Discounting Application. To lure investors, the group launched aggressive advertising campaigns on Google, YouTube, and Instagram, supplemented by persistent telemarketers. They promised high interest rates on short-term investment plans and gained credibility by creating fake deals in the names of well-known multinational companies.

Once the depositors invested their money, the company issued official-looking invoice receipts and agreements to maintain the illusion of a legitimate business operation.

Following credible intelligence, the CID team moved in to arrest Sakhare and seized a mobile phone believed to have been used in the commission of these offences.

In light of Sakhare's arrest and the fraud, Charu Sinha, Additional Director General of Police, CID, Telangana, has issued a public advisory asking people not to trust online schemes promising "unbelievable returns" and avoid investing hard-earned money into unverified online platforms. (ANI)