Telangana CID arrests Falcon Group's Ex-COO in Falcon invoice discounting scam

According to the CID, 4,065 victims were cheated to the tune of Rs 792 crores.

Hyderabad: Telangana CID sleuths had arrested former COO of The Falcon Group, Vikas Kumar Sakhare, in connection with a case of Rs 792 crore fake invoice discounting scam.

The officers said he cheated depositors by developing Invoice Discounting Application and created fake deals in the name of reputed MNCs. He induced the depositors on the pretext of high interest rates with short terms plans and collected about Rs 4,215 crores from 7,056 depositors. Out of these, 4,065 victims were cheated to the tune of Rs 792 crores by the Capital Protection Force Private Limited Company working under Falcon Invoice Discounting App, said CID office here.

Sakhare, 40, who played an active role in the offence was arrested by CID at his residence in Hydershakot of Hyderabad and was produced before the Magistrate for judicial remand.

The accused company Capital Protection Force Pvt. Ltd. developed Falcon Invoice Discounting Application and advertised through social media platforms like Google, YouTube, Instagram. It also created fake deals through Tele-callers in the name of MNCs and collected crores of rupees as deposits from the innocent depositors by issuing invoice receipts and agreements.

Sakhare is said to have colluded with the main accused Amar Deep Kumar, MD of the Falcon Group of Companies and other perpetrators to attract depositors and cheat the gullible victims. Another accused Yogendra Singh is accused of colluding with the main accused for collection of the deposits.