High-Flying Heist: Business Jet Seized in Rs 850 Crore Ponzi Scam

The Enforcement Directorate seized a business jet at Hyderabad airport amidst a money laundering probe into a Rs 850 crore Ponzi scheme involving the Falcon Group. Investigations reveal that the jet, linked to promoter Amar Deep Kumar, was bought with fraudulent funds, and Kumar fled the country using it.

In a dramatic turn of events, the Enforcement Directorate (ED) has taken possession of a business jet stationed at Hyderabad Airport, as part of a sweeping investigation into an alleged Ponzi scheme perpetrated by a Hyderabad-based company. The scheme, associated with the Falcon Group, reportedly ensnared countless investors for a staggering Rs 850 crore.

The investigation, rooted in a Cyberabad police FIR, targets the company's CMD, Amar Deep Kumar, and several accomplices. According to sources, the Falcon Group deceitfully amassed a significant Rs 1,700 crore from investors with promises of high returns via a fraudulent invoice discounting scheme.

As the inquiry unfolds, authorities discovered that the jet, registered under Prestige Jets Inc, was acquired using illicit proceeds from the scam. The ED's Hyderabad office has arrested key figures and continues to unearth details of Kumar's escape, solidifying the case under the Prevention of Money Laundering Act.