India News | Hyderabad: ED Seizes Business Jet in Money Laundering Case
Get latest articles and stories on India at LatestLY. The Enforcement Directorate has seized a private jet, worth about Rs 14 crore, as part of a money laundering investigation against a Hyderabad-based company and its promoters who allegedly duped numerous investors of crores of rupees in a Ponzi "scam", official sources said on Saturday.
Hyderabad, Mar 8 (PTI) The Enforcement Directorate has seized a private jet, worth about Rs 14 crore, as part of a money laundering investigation against a Hyderabad-based company and its promoters who allegedly duped numerous investors of crores of rupees in a Ponzi "scam", official sources said on Saturday.
The money laundering case stems from a local police FIR against Falcon Group (Capital Protection Force Pvt. Ltd.), its CMD Amar Deep Kumar and some others, the sources said.
Kumar, according to the sources, fled the country using the said jet.
He or his company could not be contacted immediately for a response on the charges.
Officials from the ED's Hyderabad office found that the 8-seater business jet 'N935H Hawker 800A' (owned by a company of Kumar) landed at the Hyderabad international airport in Shamshabad on Friday, the sources told PTI.
A search of the jet, purchased for about USD 1.6 million in 2024, was conducted by the ED officials under the Prevention of Money Laundering Act (PMLA) and they also recorded the statement of the crew and some "close associates" of Kumar present there, the sources said.
The business plane, owned by Kumar's private charter company named Prestige Jets Inc, has been seized, they said.
The agency believes that the jet was purchased from the "proceeds of crime" of the alleged Ponzi scheme.
The ED sought a general declaration about the jet's movement from the Customs department after which it was found that Kumar along with another person left the country onboard the said aircraft on January 22.
The alleged investment fraud is worth about Rs 850 crore. The ED has initiated a full-blown investigation into the case, the sources said.
(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)