Hyderabad, March 8: In a major crackdown on financial fraud, the Enforcement Directorate (ED) on Friday seized a Hawker 800A private jet (N935H) at Rajiv Gandhi International Airport (RGIA), Hyderabad, in connection with the ₹850 crore Ponzi scam linked to the Falcon Group. The aircraft was allegedly owned by Amardeep Kumar, the prime accused in the scam, and was reportedly used to escape to Dubai on January 22.
Jet Purchased Using Ponzi Scam Money, ED Claims
The Enforcement Directorate (ED) has seized a private jet in Hyderabad as part of an investigation into an alleged Ponzi scam.
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According to ED officials, Amardeep Kumar purchased the private jet in 2024 for $1.6 million (₹14 crore) via Prestige Jets Inc., allegedly using proceeds from the fraudulent investment scheme.
“The jet was seized upon landing in Shamshabad. Its crew members were questioned, and a close associate’s statement was recorded,” an ED official said.
Falcon Group Ponzi Scheme: A ₹1,700 Crore Fraud
The Falcon Group allegedly collected ₹1,700 crore from investors, promising high returns through a fraudulent invoice discounting investment scheme. Out of this, ₹850 crore was repaid, but 6,979 investors were left unpaid and defrauded.
Key Arrests & Absconding Accused
- Amardeep Kumar, the Chairman & MD of Falcon Group, remains absconding.
- On February 15, Cyberabad police arrested Pavan Kumar Odela (Vice President) and Kavya Nalluri (Director of Falcon Capital Ventures) for their involvement in the scam.
- Several top officials of the chit fund company are still on the run.
Ongoing Investigation & Legal Actions
The ED is continuing its probe into the Falcon Group’s financial misappropriation, tracking assets and money trails linked to the scam. More seizures and arrests are expected in the coming days.
This case highlights the growing number of Ponzi scams in India and the urgent need for investor awareness and stricter regulatory measures.
