ED Seizes Private Jet Linked to ₹850 Crore Falcon Scam at Hyderabad Airport
Hyderabad: The Enforcement Directorate (ED) on Friday seized a Hawker 800A jet (N935H) at Rajiv Gandhi International Airport (RGIA), allegedly owned by Amardeep Kumar, the prime accused in the ₹850 crore Falcon scam. The aircraft was reportedly used by Kumar to flee to Dubai on January 22 along with an accomplice.
Key Findings:
- Aircraft Ownership: Investigators confirmed Kumar as the beneficial owner of the jet, which was purchased in 2024 for $1.6 million (₹14 crore) via Prestige Jets Inc.
- Use of Scam Funds: The ED claims that proceeds from the Falcon Group’s Ponzi scheme were diverted to purchase the jet.
- Seizure and Investigation: Upon landing in Shamshabad, the jet was seized, crew members were questioned, and a close associate’s statement was recorded.
Falcon Scam Overview:
- The Falcon Group allegedly collected ₹1,700 crore from investors, promising high returns through a fraudulent invoice discounting investment scheme.
- Out of the total funds collected, ₹850 crore was repaid, but 6,979 investors were left unpaid.
- Key executives, including Amardeep (Chairman & MD), and others, remain absconding.
- On February 15, the Cyberabad police arrested Pavan Kumar Odela (VP ) and Kavya Nalluri (Director of Falcon Capital Ventures) in connection with the scam.
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