CMD Amardeep Kumar, CEO Vivek Seth fled to Dubai in January before the FIR was registered
Hyderabad: Falcon Group CMD Amardeep Kumar and its CEO Vivek Seth, who are involved in an Rs 850-crore Ponzi scheme linked to the Falcon invoice discounting platform, had fled to Dubai on January 22 using the company-owned aircraft to avoid investigation. Amardeep was going to Dubai using the jet every month even before cases were registered against him.
A day after Enforcement Directorate (ED) Hyderabad officials seized the eight-seater aircraft, N935H Hawker 800A, they intensified their probe into the case.
Sources said that the key accused in the Rs 850 crore Ponzi case was Amardeep, who had spent `three crore on the carrier’s interiors.
"The accused operated the aircraft as a medical ambulance, charging around $3000-3500 per hour, through various booking websites like ICATT as revenue earners. The accused outsourced ground handling operations to a Delhi-based company through another Dubai registered service provider, in order to hide ownership of the aircraft. Further, incorporation of Prestige Jets Inc in the USA was apparently done in the name of a foreigner and subsequently all rights and interests were assigned to Amardeep. Accordingly, the aircraft has been seized under section 17 of PMLA 2002," sources said.
ED's preliminary investigation has revealed that a private charter company named Prestige Jets Inc belongs to Amardeep Kumar. It was also revealed the aircraft (N935H) was registered in the name of Prestige Jets Inc (incorporated in Delaware USA) in February 2024.
Officials from the directorate shared the aircraft number with customs officials, who intimated ED of the departure of the aircraft scheduled as an air ambulance to Dubai. Accordingly, crew details were shared based on general declarations submitted by the aircraft operator with customs.
The statement of a key accused, a co-director in a group of companies owned by Amardeep Kumar, revealed inter-alia that the crew members were employed by him for the jet owned by him.
On receiving intimation of the jet arriving at RGIA, a team of ED Hyderabad office proceeded to search for the aircraft. Based on statements of the crew members, headed by one Saptarishi Chatterjee, who is the namesake director of Prestige Jets Inc USA, and incriminating documents retrieved from their phones, they learnt that the aircraft was purchased from the proceeds of crime by Amardeep Kumar, sources said.
