Falcon Group scam mastermind’s private jet operated as commercial air ambulance: ED
The Hindu
Fugitive businessman's private jet seized by ED at Hyderabad airport linked to ₹850 crore ponzi scheme. It was used as commercial air ambulance.
The private jet owned by fugitive businessman Amardeep Kumar, and operated by a US-registered charter firm, was operating as a commercial air ambulance.
The jet was seized by the Enforcement Directorate (ED) at the Rajiv Gandhi International Airport in Shamshabad on Friday.
The aircraft, a 1993-model Hawker 800A with registration number N935H, was registered under Prestige Jets Inc. but was ultimately linked to Kumar. Customs records confirmed that Kumar had fled to Dubai along with an associate, Vivek Seth, on the same aircraft, sources from the ED shared.
Kumar, the Chairman and Managing Director of Falcon Group (M/s Capital Protection Force Pvt. Ltd.), absconded on January 22, 2025.
On February 17, the Economics Offences Wing (EOW) of Cyberabad police arrested Pavan Kumar Odela, vice president of Capital Protection Force Pvt. Ltd. and business head of Falcon Invoice Discounting Platform, and Kavya Nalluri, director of Capital Protection Force Pvt Ltd and Falcon Capital Ventures Pvt Ltd.
The case pertains to an alleged ₹850 crore ponzi scheme linked to the Falcon invoice discounting platform.
“The aircraft, reportedly purchased in December 2023 for $1.6 million (approximately ₹13.94 crore) using proceeds from the scam, was being used to generate further revenue for Kumar and his associates under the guise of a medical air ambulance service,” an officer from ED said.
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