Fraud Alert
ED Seizes Private Jet Bought with Rs 850 Crore Ponzi Scam Proceeds
Hyderabad: The Enforcement Directorate (ED) has seized a business jet at Hyderabad’s Rajiv Gandhi International Airport as part of a money laundering probe against Falcon Group (Capital Protection Force Pvt. Ltd.) and its CMD, Amar Deep Kumar, accused of running a ₹850 crore Ponzi scam.
The Ponzi Scheme
According to officials, Falcon Group collected Rs 1,700 crore from investors, promising high returns through a fraudulent invoice discounting investment scheme. Out of this, Rs 850 crore was repaid, leaving 6,979 investors unpaid. The case originated from an FIR filed by Cyberabad Police, leading to a full-scale money laundering investigation under the Prevention of Money Laundering Act (PMLA).
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Seizure of the Jet
ED officials discovered that the 8-seater business jet, ‘N935H Hawker 800A’, owned by Kumar’s private charter firm, Prestige Jets Inc., landed at Rajiv Gandhi International Airport on Friday. The aircraft, purchased for $1.6 million (around Rs 14 crore) in 2024, was allegedly bought using proceeds from the Ponzi scheme.
Upon inspection, the ED searched the aircraft, recorded statements from the crew and Kumar’s close associates, and later seized the jet as evidence. Officials believe the jet was used by Kumar to flee the country, as Customs records confirmed he left aboard the aircraft on January 22 with an associate.
Ongoing Investigation
As part of the Cyberabad Police investigation, the vice president and director of Falcon Group have been arrested. The ED continues to trace Kumar’s whereabouts and the missing funds, suspecting a larger financial fraud network. Further legal action is expected as authorities intensify their crackdown on Ponzi schemes defrauding investors.