The Enforcement Directorate (ED) has seized a private jet linked to the notorious Falcon scam, which allegedly defrauded investors of ₹850 crore. The Hawker 800A jet, owned by fugitive businessman Amardeep Kumar, was seized at the Rajiv Gandhi International Airport in Hyderabad, marking a significant development in the ongoing investigation into the fraudulent activities of the Falcon Group.
Key Takeaways
- The seized jet is a 1993-model Hawker 800A, registered under Prestige Jets Inc.
- Amardeep Kumar, the mastermind behind the Falcon scam, is currently absconding in Dubai.
- The Falcon Group reportedly collected ₹1,700 crore from investors through a Ponzi scheme.
- The jet was allegedly purchased using proceeds from the scam and operated as a commercial air ambulance.
Background of the Falcon Scam
The Falcon Group, led by Amardeep Kumar, has been accused of orchestrating a Ponzi scheme that misled nearly 7,000 investors. The scheme promised high returns on short-term deposits through a fraudulent invoice discounting platform. Investigations revealed that the group collected approximately ₹1,700 crore, of which only ₹850 crore was repaid to investors before the scheme collapsed in January 2025.
Details of the Seized Jet
- Model: Hawker 800A
- Registration Number: N935H
- Purchase Price: USD 1.6 million (approximately ₹14 crore)
- Date of Purchase: December 2023
- Operational Use: Marketed as a medical air ambulance, charging around USD 3,000–3,500 per hour.
The jet was reportedly used by Kumar and an associate to flee to Dubai on January 22, 2025. The ED’s investigation revealed that the aircraft was purchased using funds obtained from the Ponzi scheme, with Kumar attempting to obscure its ownership through various means, including registering it under a foreign national’s name.
Investigation Progress
Following intelligence inputs, the ED acted swiftly upon the jet’s return to Hyderabad on March 7, 2025. Upon landing, officials conducted searches and interrogated the crew members, uncovering crucial evidence linking Kumar to the ownership of the aircraft. The crew’s mobile phones contained incriminating documents and payment records that further implicated Kumar in the fraudulent activities.
Legal Actions and Arrests
The ED’s actions come on the heels of previous arrests made by the Cyberabad police, including key executives of the Falcon Group. Pavan Kumar Odela, the vice president, and Kavya Nalluri, a director, were arrested in February 2025 for their roles in the scam. Despite these arrests, Kumar and other key figures remain at large, complicating the recovery of the misappropriated funds.
Conclusion
The seizure of the private jet is a significant step in the ED’s efforts to dismantle the Falcon scam and recover the lost funds for investors. As investigations continue, authorities are working to trace the financial trail and identify additional individuals involved in the fraudulent scheme. The case highlights the ongoing challenges in combating financial fraud and protecting investors in India.