ED Seizes Business Jet At Hyderabad Airport In Rs 850-Crore Ponzi Scam Case

The Ponzi Scam case stems from accusation that the Falcon Group fraudulently raised Rs 1,700 crore from investors, promising high returns through a deceptive invoice discounting investment scheme.

Authorities claim that funds from the Ponzi scheme were misused to acquire the aircraft, directly linking it to the crime.

Source : PTI

The Enforcement Directorate (ED) has seized a luxury business jet at Hyderabad’s Rajiv Gandhi International Airport as part of a money laundering investigation linked to the Rs 850 crore Ponzi scam involving Falcon Group (Capital Protection Force Pvt. Ltd.). The aircraft, an 8-seater 'N935H Hawker 800A', belongs to Amar Deep Kumar, the company's Chairman and Managing Director (CMD), who allegedly fled the country using the same jet.

The money laundering case stems from an FIR registered by Cyberabad Police against Falcon Group Amar Deep Kumar and others. The group allegedly collected Rs 1,700 crore from investors through a fraudulent invoice discounting investment scheme, promising high returns. However, only Rs 850 crore was repaid, leaving 6,979 investors unpaid, according to sources, as per a report on PTI.

ED Identifies Jet As "Proceeds of Crime"

The ED’s Hyderabad office found that the jet landed at the Hyderabad airport on Friday. The agency conducted a search operation under the Prevention of Money Laundering Act (PMLA) and recorded statements from the crew and Kumar’s close associates present at the time.

The aircraft, purchased for approximately USD 1.6 million (Rs 14 crore) in 2024, was registered under Kumar’s private charter company, Prestige Jets Inc. The ED seized the aircraft, believing it was bought using funds from the Ponzi scheme, as per a report on Times of India.

Authorities claim that funds from the Ponzi scheme were misused to acquire the aircraft, directly linking it to the crime.

Investigators traced the jet’s movement through the Customs Department, confirming that Kumar and another person used it to flee the country on January 22.

The jet, confiscated upon arrival at Shamshabad, was allegedly utilised for Kumar’s personal trips and rented out as a medical ambulance.

Meanwhile, Cyberabad Police has arrested the vice president and director of Falcon Group, intensifying its crackdown on the multi-crore fraud.