ED seizes business jet at Hyderabad airport in Rs 850 cr Ponzi scam probe
Hyderabad: The Enforcement Directorate (ED) has seized an eight-seater business jet parked at the Hyderabad airport in connection with a money laundering investigation against Falcon Group and its promoters, who are accused of defrauding investors of Rs 850 crore in a large-scale Ponzi scheme, media reports said.
The money laundering case originates from an FIR registered by the Cyberabad police against Falcon Group (operating as Capital Protection Force Pvt. Ltd.), its chairman and managing director (CMD) Amar Deep Kumar, and several others, PTI reported, citing sources.
Investigations revealed that the Falcon Group allegedly raised Rs 1,700 crore from investors, promising high returns through a fraudulent invoice discounting investment scheme.
However, only Rs 850 crore was repaid, leaving 6,979 investors without returns, sources added.
The #EnforcementDirectorate seized a Hawker 800A jet (N935H) at Rajiv Gandhi International Airport allegedly owned by Amardeep Kumar, the prime accused in the ₹850 crore #FalconScam.
— All India Radio News (@airnewsalerts) March 8, 2025
The aircraft was reportedly used by Kumar to flee to Dubai on January 22, along with an… pic.twitter.com/RwEC10hCNC
According to officials, Kumar allegedly used the same business jet, a Hawker 800A (N935H), owned by his private charter company Prestige Jets Inc., to flee the country.
The aircraft, purchased in 2024 for approximately $1.6 million (around Rs 14 crore), landed at the Rajiv Gandhi International Airport in Shamshabad on Friday, where ED officials conducted a search under the Prevention of Money Laundering Act (PMLA).
During the search, the ED also recorded the statements of the jet's crew members and some of Kumar's close associates who were present at the airport.
The agency believes the jet was bought using the proceeds of crime generated through the alleged Ponzi scheme.
The ED further sought a general declaration about the aircraft's movements from the Customs department.
Records revealed that Kumar, along with another person, left India on the same aircraft on January 22.
Meanwhile, the Cyberabad police, which is conducting a parallel investigation, has arrested the company's vice president and director.
Efforts are now underway to trace Kumar and recover the remaining funds, the sources said.
Kumar or his company could not immediately be reached for comment on the allegations.
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