Hyderabad, Feb. 25 -- The Telangana Crime Investigation Department (CID) has arrested Vikas Kumar Sakhare, former Chief Operating Officer (COO) of the Falcon Group, in connection with a massive investment fraud that allegedly cheated thousands of depositors.

According to the CID, the company collected Rs 4,215 crore from 7,056 depositors through its Falcon Invoice Discounting App. Of them, 4,065 investors were allegedly defrauded of Rs 792 crore after being promised high returns through short-term investment plans.

Sakhare, 40, was apprehended from his residence at Lakshmi Nagar Colony in Hydershakot, Hyderabad. He was produced before a magistrate for judicial remand. Officials said one mobile phone allegedly used in the commission of t...