The Enforcement Directorate (ED) seized a Hawker 800A jet (N935H) at Hyderabad’s Rajiv Gandhi International Airport (RGIA) on Friday in connection with the alleged ?850 crore ‘Falcon scam.’ Officials revealed that the jet was allegedly owned by Amardeep Kumar, the prime accused, who, along with an accomplice, used it to flee to Dubai on January 22. Investigators confirmed Kumar as the beneficial owner of the aircraft, which was purchased in 2024 for $1.6 million (?14 crore) through Prestige Jets Inc. The ED claims that funds from the Falcon Group’s Ponzi scheme were diverted to acquire the jet. Upon its arrival in Shamshabad, authorities seized the aircraft, questioned the crew, and recorded the statement of a close associate.
The Falcon Group is accused of defrauding investors by collecting ?1,700 crore under the guise of an invoice discounting investment scheme, promising high returns. Out of the total funds raised, ?850 crore was repaid, but 6,979 investors were left without their dues. The ED believes that a substantial portion of the remaining funds was misused for personal benefits, including the purchase of the seized aircraft. Investigators are now tracing other assets linked to the scam.
Key executives, including Amardeep Kumar, who served as Chairman and Managing Director, remain absconding. Meanwhile, law enforcement agencies have made progress in the case, with Cyberabad police arresting Pavan Kumar Odela, Vice President of Falcon Group, and Kavya Nalluri, Director of Falcon Capital Ventures, on February 15. Authorities continue to track down other individuals involved in the fraudulent scheme.
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