Sun Mar 09 03:18:59 UTC 2025: ## ED Seizes Private Jet Linked to Fugitive Businessman in ₹850 Crore Ponzi Scheme

**Hyderabad, March 9, 2025** – The Enforcement Directorate (ED) seized a Hawker 800A private jet at Rajiv Gandhi International Airport on Friday. The aircraft, linked to fugitive businessman Amardeep Kumar, was allegedly purchased with funds from an ₹850 crore ponzi scheme operated by Kumar’s Falcon Group.

Kumar, Chairman and Managing Director of Falcon Group (Capital Protection Force Pvt. Ltd.), absconded in January 2025 after his company’s invoice discounting platform collapsed. The scheme defrauded nearly 7,000 investors who were lured by promises of high returns through a deceptive mobile app and website.

The ED investigation revealed that the 1993-model jet, registered under Prestige Jets Inc. (a US-based company ultimately linked to Kumar), was used to further generate revenue for Kumar and his associates under the guise of a medical air ambulance service. The jet, purchased for $1.6 million in 2023, had undergone approximately ₹3 crore in interior modifications. Kumar had been using it for frequent trips to Dubai. The ED tracked the jet’s movements, confirming it had flown to Dubai and back, carrying passengers for fees of approximately USD 3,000–3,500 per hour.

The ED’s action follows the February arrest of two other key figures in the Falcon Group: Pavan Kumar Odela and Kavya Nalluri. Authorities are tracing misappropriated funds to investments in cryptocurrency, aviation, hospitality, and real estate. The investigation is ongoing, with efforts focused on recovering the diverted funds and identifying further individuals involved in the scheme. The seized jet represents a significant asset recovery in this large-scale financial fraud case.

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