Hyderabad, Feb. 25 -- The Crime Investigation Department (CID), Telangana, on Wednesday arrested Vikas Kumar Sakhare, former Chief Operating Officer (COO) of the Falcon Group, in connection with a massive deposit collection scam involving alleged cheating and criminal breach of trust.
According to CID officials, the case pertains to the development of the Falcon Invoice Discounting Application, through which fake deals were created in the name of reputed multinational companies. Depositors were allegedly lured with promises of high returns in short-term plans, resulting in the collection of about Rs 4,215 crore from 7,056 investors. Of these, 4,065 depositors were allegedly cheated to the tune of Rs 792 crore by Capital Protection Force Pr...