Hyderabad: Enforcement Directorate (ED) on Friday, March 7, seized a Hawker 800A aircraft (N935H) at Rajiv Gandhi International Airport (RGIA), Hyderabad.
The aircraft reportedly belonged to Amardeep Kumar, the main accused in the Rs 850 crore Falcon scam. Reports suggest that the aircraft was used by Kumar to flee to Dubai along with an associate on January 22.
The investigators stated that the place was bought in 2024 for USD 1.6 million (Rs 14 crore) via Prestige Jets Inc.
The ED claims that the money diverted from the Ponzi scheme of Falcon Group was spent on acquiring the aircraft. The plane was taken into custody after landing in Hyderabad, the crew was interrogated, and a close associate’s statement was recorded.
The Falcon Group reportedly raised Rs 1,700 crore from investors with the promise of high returns through a bogus invoice discounting investment scheme. While Rs 850 crore was repaid, 6,979 investors are still unpaid.
The Chairman & MD, Amardeep Kumar, and other senior officials are absconding.
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On February 15, the Cyberabad police detained Vice President Pavan Kumar Odela and Director, Falcon Capital Ventures, Kavya Nalluri on suspicion of their involvement in the scam.
The ED continues to probe the scam, tracing assets associated with Amardeep Kumar and his cohorts.
