According to ED sources, Kumar acquired the jet in 2024 for $1.6 million (Rs 14 crore) through Prestige Jets Inc. The agency alleges that funds from the Falcon Group’s Ponzi scheme were misappropriated to finance the purchase.
Published Date – 8 March 2025, 10:47 AM
Hyderabad: The Enforcement Directorate (ED) Hyderabad on Friday reportedly seized a Hawker 800A jet (N935H) at Rajiv Gandhi International Airport (RGIA), allegedly owned by Amardeep Kumar, the prime accused in the Rs 850 crore Falcon scam.
The ED had registered a case after the scam was unearthed last month.
The ED official sources said that Kumar purchased the jet in 2024 for $1.6 million (Rs 14 crore) via Prestige Jets Inc.
The ED claims that proceeds from the Falcon Group’s Ponzi scheme were diverted to purchase the jet.
After the scam broke out the prime suspect used the aircraft to flee to Dubai on January 22 along with an accomplice.
After it returned to RGI Airport, the ED team seized the jet and the crew members were questioned, and a close associate’s statement was recorded.
The Cyberabad police initially registered a case against the Falcon Group for allegedly collected Rs 1,700 crore from investors, promising high returns through a fraudulent invoice discounting investment scheme. Out of the total funds collected, ₹850 crore was repaid, but 6,979 investors were left unpaid.
On February 15, the Cyberabad police arrested Pavan Kumar Odela (VP ) and Kavya Nalluri (Director of Falcon Capital Ventures) in connection with the scam. Few other suspects are absconding.
