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 approximately USD 1.6 million (Rs 14 crore) in 2024.

Falcon Group Business Jet Seized at Hyderabad Airport in Connection with Rs 850 Crore Ponzi Scam

On Friday, ED officials from the Hyderabad office conducted a search of the jet, which had landed at the airport earlier that day. They recorded statements from the crew and some close associates of Kumar who were present during the search. The jet was seized under the Prevention of Money Laundering Act (PMLA), as investigators believe it was purchased with the proceeds from the alleged Ponzi scheme.

The ED's inquiry revealed that Kumar, along with another individual, had used the jet to flee the country on January 22. The Customs department was asked to provide a general declaration of the jet’s movements, confirming the departure.

As part of its investigation, the Cyberabad Police have arrested the vice president and a director of the Falcon Group. Efforts to reach Amardeep Kumar or his company for comment on the charges have been unsuccessful.