ED Seizes Private Jet of Absconding Falcon Group Chairman in ₹850-Crore Falcon Scam

The Enforcement Directorate (ED) has seized a private jet linked to the ₹850-crore Falcon Scam, intensifying its probe into financial irregularities involving Falcon Group Chairman Amardeep Kumar. The aircraft, a Hawker 800A (N935H), was seized at Rajiv Gandhi International Airport (RGIA) as part of the ongoing money laundering investigation.

ED Seizes Hawker 800A Jet (N935H) from Hyderabad Airport in Falcon Scam Probe

Falcon Group Chairman Used Ponzi Scheme Funds to Buy Jet

Investigations have revealed that Falcon Group Amardeep Kumar purchased the private jet in 2024 for $1.6 million (₹14 crore) through Prestige Jets Inc., allegedly using proceeds from the Ponzi scheme. The Falcon Group had collected ₹1,700 crore from investors, promising high returns under a fraudulent scheme. While ₹850 crore was refunded, 6,979 investors are yet to recover their money.

Authorities discovered that Amardeep Kumar and another associate fled to Dubai on January 22 using the same aircraft before an FIR was registered. Following the seizure of the jet, ED officials questioned the crew members and recorded statements from a close associate of Falcon Group Chairman Amardeep Kumar.

Falcon Scam: Arrests & Ongoing Investigation

As part of the crackdown on the Falcon Scam, Cyberabad police arrested Falcon Capital Ventures Vice President Pawan Kumar Odela and Director Kavya Nalluri on February 15 in connection with the money laundering case. However, key figures, including Amardeep Kumar, remain absconding.

The ED is now expanding its investigation to trace misappropriated funds and locate other assets acquired through the Falcon Group Ponzi scheme.