Hawker 800A Jet Allegedly Bought Using Ponzi Scheme Funds, Key Accused Still Absconding
New Delhi, March 8: The Enforcement Directorate (ED) on Friday seized a Hawker 800A jet (N935H) at Hyderabad’s Rajiv Gandhi International Airport (RGIA), alleging that the aircraft was purchased using funds from the ₹850 crore Falcon scam.
The jet is allegedly owned by Amardeep Kumar, the prime accused in the multi-crore scam, who reportedly fled to Dubai on January 22 using the same aircraft.
Aircraft Bought with Ponzi Scheme Funds
According to ED officials, Kumar and an accomplice used Prestige Jets Inc. to purchase the aircraft for $1.6 million (₹14 crore) in 2024. Investigators confirmed that proceeds from the Falcon Group’s Ponzi scheme were diverted to acquire the jet.
Upon its arrival at Hyderabad’s Shamshabad airport, the ED seized the aircraft, questioned the crew members, and recorded a close associate’s statement regarding the scam.
The ₹1,700 Crore Falcon Scam
The Falcon Group allegedly collected ₹1,700 crore from investors, promising lucrative returns through a fraudulent invoice discounting investment scheme. While ₹850 crore was repaid, 6,979 investors were left unpaid, making it one of the biggest financial frauds in recent years.
Key executives of the company, including Chairman & MD Amardeep Kumar, are still absconding.
Arrests & Investigation Progress
On February 15, Cyberabad police arrested two top executives:
- Pavan Kumar Odela (Vice President)
- Kavya Nalluri (Director of Falcon Capital Ventures)
Authorities are now expanding their probe into tracing other assets and possible international links of the scam. The ED is expected to summon more individuals in connection with the money trail.
What’s Next?
With Amardeep Kumar on the run and the ED tightening its grip on the Ponzi scheme’s financial network, investigators are now working to extradite the accused from Dubai and recover more siphoned-off funds.
Tags: Enforcement Directorate, Falcon Scam, ₹850 Crore Scam, Hyderabad Jet Seizure, Ponzi Scheme, Money Laundering, ED Investigation, Cyberabad Police, Financial Fraud, White Collar Crime