ED action in 850 crore Falcon scam

The Enforcement Directorate (ED) has seized a private jet linked to the Rs 850 crore Falcon scam at Hyderabad airport. This jet allegedly belongs to the prime accused in the scam, Amardeep Kumar, who used it to flee to Dubai. The ED claims that this jet was purchased using the money from the scam.

The Enforcement Directorate (ED) has seized a private jet 800A from Hyderabad's Rajiv Gandhi International Airport. This jet is linked to the Falcon scam. The jet allegedly belongs to the main accused of the scam, Amardeep Kumar. The Falcon scam is said to be worth Rs 850 crore. The accused used this plane to flee to Dubai on January 22.

Regarding the jet, it is being said that this jet, bought in 2024 for $1.6 million (about 14 crores) through Prestige Jets Inc., was acquired using funds from an alleged Ponzi scheme. The ED claims that the money received from the Ponzi scheme of Falcon Group was diverted to purchase this jet.

As soon as the jet reached Shamshabad, the ED seized it. Crew members were questioned, and the statement of a close associate was recorded.

What is the Falcon Scam?

Falcon Group raised Rs 1,700 crore from investors by running a fake invoice discounting investment scheme, luring them with huge returns. Rs 850 crore was returned, but 6,979 investors did not get paid. The key officials of the company, including chairman and MD Amardeep Kumar, are still absconding. On February 15, Cyberabad police arrested Falcon Capital Ventures vice president Pawan Kumar Odela and director Kavya Nalluri.

For more updates on this scam and related news, visit Vaartha's Hyderabad section.

How the Fraud Was Committed

The accused also created a mobile phone app and a website to carry out the fraud, but in reality, they duped investors through fake vendors and fake deals. The police have so far registered a case against 19 people in this case, of which 2 people have been arrested. The police are searching for the other accused.

This entire scam was going on since the year 2021. In this, the amount of male investors was given to the old investors. Its payment was also stopped in the month of January. After this, the investors lodged a complaint, and the matter was revealed. For continuous updates, check out Vaartha's ePaper.