ED seizes private jet linked to Rs 850 crore ‘Falcon scam’ at Hyderabad Airport

NEW DELHI: The Enforcement Directorate (ED) on Friday seized a Hawker 800A jet (N935H) at Hyderabad’s Rajiv Gandhi International Airport (RGIA).

Officials said the jet was allegedly owned by Amardeep Kumar, the prime accused in an alleged Rs 850 crore ‘Falcon scam. ‘

According to officials privy to the ED’s action, Kumar and an accomplice used the aircraft to flee to Dubai on January 22.

Investigators confirmed Kumar as the beneficial owner of the jet, which was purchased in 2024 for USD 1.6 million (Rs 14 crore) via Prestige Jets Inc.
The ED claims that proceeds from the Falcon Group’s Ponzi scheme were diverted to purchase the jet.

Upon landing in Shamshabad, officials said, the jet was seized, crew members were questioned, and the ED team recorded a close associate’s statement.

The Falcon group allegedly collected Rs 1,700 crore from investors, promising high returns through a fraudulent invoice discounting investment scheme. Out of the total funds collected, Rs 850 crore was repaid, but 6,979 investors were left unpaid.

Key executives, including Amardeep (Chairman and MD) and others, remain absconding.

On February 15, the Cyberabad police arrested Pavan Kumar Odela (VP ) and Kavya Nalluri (Director of Falcon Capital Ventures) in connection with the scam. (ANI)