Overview
- CID officers arrested former Falcon COO Vikas Kumar Sakhare in Hyderabad on Wednesday and moved him to judicial remand.
- Officials allege the Falcon Invoice Discounting Application, developed under Capital Protection Force Pvt. Ltd., used fabricated deals in reputed MNCs' names to solicit deposits with high returns.
- The CID reports about ₹4,215 crore was collected from 7,056 depositors, including ₹792 crore allegedly lost by 4,065 people through Capital Protection Force.
- Sakhare is accused of colluding with Falcon MD Amar Deep Kumar and others; three Cyberabad cases were transferred to the CID, and ten cases are now registered across India.
- Investigators describe a Ponzi-style operation active since 2021 that collapsed by January 15, 2025, with funds diverted into shell companies.