Hyderabad: ED Seizes Hawker 800A Jet in Connection with Rs 850 Crore Falcon Scam
The jet is allegedly owned by Amardeep Kumar, the prime accused in the Rs 850 crore Falcon scam, which has shocked investors across the country.
Hyderabad: In a significant development, the Enforcement Directorate (ED) Hyderabad on Friday seized a Hawker 800A jet (N935H) at Rajiv Gandhi International Airport (RGIA).
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The jet is allegedly owned by Amardeep Kumar, the prime accused in the Rs 850 crore Falcon scam, which has shocked investors across the country.
ED Takes Action Against Falcon Group’s Ponzi Scheme
The Enforcement Directorate had launched an investigation into the Falcon Group after uncovering a major Ponzi scheme involving fraudulent invoice discounting investments. According to ED sources, Amardeep Kumar purchased the private jet in 2024 for $1.6 million (approximately Rs 14 crore) via Prestige Jets Inc., using funds linked to the illicit activities of the Falcon Group.
Authorities claim that proceeds from the Ponzi scheme, which was primarily run by the Falcon Group, were diverted for the purchase of the jet. The group promised high returns to investors but eventually left thousands of people unpaid after misappropriating their funds.
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Flight to Dubai and Subsequent Seizure
The investigation revealed that after the scam came to light, Amardeep Kumar used the Hawker 800A jet to flee to Dubai on January 22, 2025, accompanied by an accomplice. The jet had reportedly returned to Rajiv Gandhi International Airport on Friday, and the ED quickly seized it. In the process, the ED questioned the crew members on board and recorded a statement from a close associate of the suspect.
Cyberabad Police Investigation
The Cyberabad Police had initially registered a case against the Falcon Group, which allegedly collected Rs 1,700 crore from investors through fraudulent investment schemes, promising high returns. While Rs 850 crore was reportedly repaid, 6,979 investors are still awaiting payment.
In February, the Cyberabad police made significant arrests, including Pavan Kumar Odela, the Vice President, and Kavya Nalluri, the Director of Falcon Capital Ventures, both of whom were charged in connection with the Ponzi scam. Despite the progress, several other suspects are still absconding, and the authorities continue their search.
Legal Proceedings and Future Developments
The seizure of the jet marks a major step in the ongoing investigation into the Falcon Group’s operations. The Enforcement Directorate is expected to continue its efforts to trace the remaining suspects and recover assets linked to the fraud. Investors who fell victim to the fraudulent scheme are awaiting justice and the recovery of their hard-earned money. Directorate, Falcon scam, Ponzi scheme, Amardeep Kumar, Hawker 800A jet, Rajiv Gandhi International Airport, Cyberabad Police, fraud, investors, financial crime.
