Enforcement Directorate Seizes Private Jet in Rs 850 Crore Ponzi Scam

The Enforcement Directorate seized a Rs 14 crore private jet owned by a Hyderabad-based company's promoters linked to a Rs 850 crore Ponzi scam. The investigation follows allegations against Falcon Group’s CMD, Amar Deep Kumar, who allegedly fled using the jet.

A Rs 14 crore private jet has been seized by the Enforcement Directorate (ED) amid an investigation into a massive Rs 850 crore Ponzi scheme linked to a Hyderabad-based company and its promoters, according to official sources.

The probe originates from a local police FIR against Falcon Group, led by CMD Amar Deep Kumar, accused of defrauding investors. Kumar allegedly fled the country using the seized aircraft.

The ED's inquiry revealed the 'N935H Hawker 800A' jet, tied to Kumar's firm Prestige Jets Inc, landed recently in Hyderabad. Believed to be bought with illicit funds, its seizure marks a significant step in the agency's investigation.

(With inputs from agencies.)