Falcon Group Business Jet Seized at Hyderabad Airport in Connection with Rs 850 Crore Ponzi Scam
The Enforcement Directorate (ED) has seized a business jet parked at Hyderabad's Rajiv Gandhi International Airport as part of an ongoing money laundering investigation linked to a massive Ponzi scam. The case involves the Falcon Group (Capital Protection Force Pvt. Ltd.), its Chairman Amardeep Kumar, and others accused of defrauding investors out of approximately Rs 850 crore. The money laundering probe follows a Cyberabad police FIR filed against the Falcon Group and its CMD, Amardeep Kumar. According to official sources, the group allegedly collected Rs 1,700 crore from investors through a fraudulent invoice discounting investment scheme, promising high returns. However, only Rs 850 crore was repaid, leaving nearly 7,000 investors unpaid. Investigators have found that Amardeep Kumar fled the country using the business jet, an 8-seater Hawker 800A, registered as 'N935H.' The jet, owned by Kumar's private charter company, Prestige Jets Inc., was purchased for approxim...