The Enforcement Directorate (ED) has seized a business jet parked at the Hyderabad airport as part of a money laundering investigation against a Hyderabad-based company and its promoters who allegedly duped numerous investors in a `850 Crore Ponzi “scam”, official sources said on Saturday.
The money laundering case stems from a Cyberabad police FIR against Falcon Group (Capital Protection Force Pvt Ltd), its CMD Amar Deep Kumar and some others, the sources said.
It is alleged that the Falcon Group “collected” `1,700 Crore from investors for high returns through a “fraudulent” invoice discounting investment scheme.
`850 Crore, out of the total funds, was re-paid leaving a total of 6,979 investors unpaid, according to the sources.
Kumar, the sources said, fled the country using this jet. He or his company could not be contacted immediately for a response on the charges. Officials from the ED’s Hyderabad office found that the 8-seater business jet ‘N935H Hawker 800A’ (owned by a company of Kumar) landed at the Rajiv Gandhi International airport located in the Shamshabad area on Friday.
A search of the jet, purchased for about $1.6 Million (about `14 Crore) in 2024, was conducted by ED officials on Friday under the Prevention of Money Laundering Act (PMLA) and they also recorded the statement of the crew and some “close associates” of Kumar present there, the sources said.
The ED sought a general declaration about the jet’s movement from the Customs department after which it was found that Kumar along with another person left the country onboard the said aircraft on January 22.
Cyberabad Police has arrested the vice president and director of the company as part of its investigation, the sources said.