ED Seizes Private Jet of Absconding Falcon Group Chief

Aakhir Tak – In Shorts

ED seizes private jet linked to Rs 850 crore Falcon ‘scam’.
The jet belongs to absconding Falcon Group chairman Amardeep Kumar.
Kumar and another person fled the country on the jet on January 22.
ED questioned the jet’s crew and recorded a statement from Kumar’s associate.
Cyberabad police have already arrested two people in this case.

Aakhir Tak – In Depth

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The Enforcement Directorate (ED) on Friday seized a private jet as part of a money-laundering case linked to the Rs 850 crore Falcon ‘scam’ in Hyderabad. According to sources, the Hyderabad-based company and its promoters allegedly defrauded a large number of investors through a Ponzi scheme. This seizure is part of the ED’s ongoing crackdown on the Falcon Group.

Jet Seizure Details

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The financial probe agency seized a Hawker 800A jet (N935H), allegedly belonging to prime accused and Falcon Group’s chairperson and managing director Amardeep Kumar, at Hyderabad’s Rajiv Gandhi International Airport. The investigation revealed that Amardeep Kumar purchased the jet in 2024 for USD 1.6 million (Rs 14 crore) through Prestige Jets Inc. The ED claimed that Kumar bought the jet using proceeds from the crime.

Fleeing the Country

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The ED discovered that Kumar, along with another person, fled the country on the same aircraft on January 22. Following the seizure of the jet, its crew was questioned and a statement from a close associate of Kumar was also recorded.

Ponzi Scheme Unveiled

As per the initial investigation into the case, the Falcon Group received Rs 1,700 crore from investors, promising them high returns under a fraudulent investment scheme. According to sources, Rs 850 crore was refunded, but 6,979 investors have yet to get their money back. This Ponzi scheme proved to be a significant loss for investors.

Arrests Made

On February 15, the Cyberabad police arrested Falcon Capital Ventures vice president Pawan Kumar Odela and director Kavya Nalluri in connection with the money laundering case. However, top officials of the company, including Amardeep Kumar, remain at large. Both the ED and police are actively searching for Amardeep Kumar.

Further Investigation

The ED is continuing its investigation into the case and attempting to trace other assets that may have been purchased with proceeds from the crime. This case serves as a warning to investors to thoroughly investigate any investment scheme before investing their money.

Aakhir Tak – Key Takeaways to Remember

ED seized private jet belonging to absconding Falcon Group chairman.
Amardeep Kumar and another individual fled the country on January 22 using the jet.
Falcon Group obtained Rs 1,700 crore from investors through a Ponzi scheme.
Cyberabad police previously arrested two individuals in this case.
ED is conducting further investigations into the matter.