New Delhi, July 18: The Enforcement Directorate (ED) has arrested Falcon Group CMD Amardeep Kumar in connection with an alleged money laundering case involving the company. He was brought from Tihar Jail in Delhi to Hyderabad, where officials formally executed the arrest.
After being produced before a court, Amardeep Kumar was remanded to 14 days of judicial custody and shifted to Cherlapalli Central Jail.
According to the ED, Falcon Group allegedly collected ₹4,215 crore from investors by promising returns ranging between 11 percent and 21 percent.
The agency’s investigation found that payments to earlier investors were allegedly made using funds collected from new investors. So far, the ED has identified ₹792 crore as the alleged proceeds of crime.
The ED had earlier provisionally attached assets worth ₹20.6 crore, including a Hawker 800A aircraft, as part of the investigation.
Officials said Amardeep Kumar was arrested under Section 19 of the Prevention of Money Laundering Act (PMLA), alleging that he did not cooperate with the investigation.
The agency is continuing its probe into the alleged diversion of funds and the possible involvement of other accused in the Falcon money laundering case. (Maxim News)
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