The Enforcement Directorate (ED) has seized an aircraft belonging to the Falcon Group at Rajiv Gandhi International Airport (RGIA) in Hyderabad. The aircraft, a mid-sized Hawker 800A, was reportedly used by Amardeep Kumar, the chairman and managing director of Falcon Group, to flee the country.
The ED registered a case against the Falcon Group and its CMD in connection with an Rs 850-crore Ponzi scheme linked to the Falcon invoice discounting platform. The aircraft was purchased in 2024 for Rs 16 crores using proceeds from the Ponzi scheme.
ED officials conducted a search, recorded statements from the crew and close associates of Amardeep Kumar, and subsequently seized the jet. The investigation revealed that 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. The Cyberabad police initially registered a case against the Falcon Group for allegedly collecting 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. Pavan Kumar Odela (VP) and Kavya Nalluri (Director of Falcon Capital Ventures) were arrested by the Cyberabad police on February 15 in connection with the scam. A few other suspects are currently absconding.
