Hyderabad: Enforcement Directorate Friday seized an aircraft allegedly owned by Amardeep Kumar, the prime accused in the Rs 850 crore Falcon scam, at Rajiv Gandhi International Airport (RGIA). The aircraft, a N935H Hawker 800A, was reportedly used by Kumar to flee the country.
According to the ED, Kumar is the beneficial owner of the aircraft, having personally signed the sale agreement when it was purchased in 2024 for $1.6 million (approximately Rs 14 crore) through a company, Prestige Jets Inc. Investigators claim that funds from the ponzi scheme were allegedly diverted to buy the aircraft, thereby making it a direct proceed of crime.
The jet, seized upon landing at Shamshabad, was reportedly used for both Kumar's personal travel and as a medical ambulance on a rental basis.
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A customs declaration confirmed that Kumar, along with an accomplice, fled to Dubai on Jan 22 using the same aircraft. Acting on this information, ED officials conducted a search, recorded statements from the crew and a close associate of Kumar and took possession of the jet.
The ED is investigating the Falcon Group (Capital Protection Force Private Ltd), its chairman and managing director Kumar, and other key executives. The case revolves around a Rs 850 crore ponzi scheme allegedly promoted under the guise of invoice discounting investment opportunities.
On Feb 15, the economic offences wing of Cyberabad police arrested Pavan Kumar Odela, vice-president of CPFP and business head of Falcon Invoice Discounting (FID), and Kavya Nalluri, director of CPFP and Falcon Capital Ventures Pvt Ltd, in connection with the scam. Kumar and two other suspects, Aryan Singh (COO) and Yogender Singh (CEO), are on the run.
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Authorities allege the Falcon Group collected around Rs 1,700 crore from investors, promising high returns on short-term deposits. While Rs 850 crore was repaid, the remaining amount was left unpaid to 6,979 depositors.
Investigations revealed the FID platform was marketed as a peer-to-peer investment model, claiming to connect depositors with top-tier corporate clients such as Britannia, Amazon, and Godrej. However, the vendor profiles and transactions were entirely fabricated, creating an impression of legitimacy.
