Falcon Group COO arrested in Rs 792 crore deposit fraud

The Telangana Crime Investigation Department (CID) on Wednesday arrested Vikas Kumar Sakhare, former chief operating officer (COO) of the Falcon Group, in connection with the large-scale deposit fraud involving several crores of rupees.

The accused Sakhare, (40), was arrested at his residence in Hyder Shah Kote on Wednesday, and was later produced before a magistrate for judicial



remand.

According to the CID, the case pertains to criminal breach of trust, cheating and criminal conspiracy in the name of an invoice discounting investment scheme operated through the Falcon Invoice Discounting application.

“The accused created fake investment deals in the names of reputed multinational companies and lured depositors with promises of high returns over short-term plans.