Seized aircraft linked Falcon Fraud case listed for ED auction; inspection at Begumpet Airport till Dec 7
The proceeds from the sale of the aircraft shall eventually be used for restitution to the victims of the Falcon Fraud case
By - Coreena Suares
File Photo
Hyderabad: Sleuths of the Enforcement Directorate have put a seized aircraft (Hawker 800A) for auction. The seized aircraft is currently parked at Begumpet Airport and is available for inspection till December 7.
The proceeds from the sale of the aircraft shall eventually be used for restitution to the victims of the Falcon Fraud case.
This aircraft was seized by ED from Rajiv Gandhi International Airport (RGIA) in Hyderabad during a search operation in a scam case against Amardeep Kumar, Capital Protection Force Pvt. Ltd. and others.
What is the Falcon Fraud case about?
The ED started an investigation based on an FIR registered by the Economic Offence Wing, Cyberabad, against Falcon Group (Capital Protection Force), its CMD Amardeep Kumar and others for defrauding investors in a bogus invoice in a discounting scheme.
The ED investigation revealed that Amardeep Kumar launched an invoice discounting scheme under the name and style of ‘Falcon Invoice Discounting’ and duped gullible investors of Rs 792 crore of their hard-earned money.
During the investigation, it was revealed that Amardeep Kumar fled the country in the same aircraft prior to the registration of FIRs and is presently absconding abroad. During the investigation, ED has provisionally attached properties worth Rs 18.63 crore in the case and also arrested three accused persons, namely Sandeep Kumar, brother of Amardeep Kumar; Sharad Chandra Toshniwal, a Chartered Accountant and Aryan Singh Chhabra, COO of Capital Protection Force.
How did the ED come to have the aircraft?
The Prosecution Complaint has also been filed by ED before the Special PMLA Court.
ED investigation revealed that the impugned aircraft was purchased by Amardeep Kumar in 2024 for a consideration of $1.6 million.
After the seizure of the aircraft, ED filed an Original Application before the Adjudicating Authority, PMLA, and the same was confirmed vide order dated August 18. Thereafter, ED moved an application before the Ld. Adjudicating Authority under Rule 4(2) of the Prevention of Money Laundering (taking possession of attached or frozen properties confirmed by the Adjudicating Authority) Rules, 2013, to allow ED to sell the seized aircraft.
The said rule provides for the sale of a confirmed attached property if it is subject to speedy and natural decay or if its maintenance costs are likely to exceed its value. The Adjudicating Authority, PMLA, through an order dated November 20, allowed ED, Hyderabad Zonal Office, to auction the seized aircraft.
