ED auctions seized aircraft for ₹3 crore in Falcon Ponzi scheme case
In a first-of-its-kind action, the Directorate of Enforcement (ED), Hyderabad Zonal Office, auctioned a seized Hawker 800A aircraft for ₹3 crore as part of its
In a first-of-its-kind action, the Directorate of Enforcement (ED), Hyderabad Zonal Office, auctioned a seized Hawker 800A aircraft for ₹3 crore as part of its investigation into the alleged ₹792 crore Falcon invoice discounting Ponzi scheme. The aircraft was sold through MSTC Limited on July 1 after the ED obtained permission from the Adjudicating Authority under the Prevention of Money Laundering Act (PMLA). The aircraft had been seized from the Rajiv Gandhi International Airport on March 7, 2025, as part of investigation against Amardeep Kumar, Capital Protection Force Pvt.
Ltd. and others. The ED initiated its money laundering investigation based on three FIRs registered by the Economic Offences Wing, Cyberabad, against Hyderabad-based Capital Protection Force Pvt. Ltd., also known as Falcon Group, its CMD Amardeep Kumar and others. According to the agency, the accused allegedly defrauded investors of around ₹792 crore by operating a bogus invoice discounting scheme, promising high returns despite carrying out no genuine invoice discounting business. After the aircraft was seized, the Adjudicating Authority confirmed the seizure on August 18, 2025.
The ED later sought permission to auction the asset under Rule 4(2) of the Prevention of Money Laundering (Taking Possession of Attached or Frozen Properties Confirmed by the Adjudicating Authority) Rules, 2013. The authority granted approval on November 20, 2025. The ED said the ₹3 crore realised from the sale would be used towards restitution for genuine investors in accordance with the provisions of the PMLA, subject to the approval of the Special Court. During the course of the investigation, the ED also arrested Sandeep Kumar, brother of Amardeep Kumar, Sharad Chandra Toshniwal, a chartered accountant, and Aryan Singh Chhabra, CEO of Falcon Invoice Discounting.
A prosecution complaint was filed before the jurisdictional court on September 29, 2025. The agency said further investigation into the case is continuing.
The BriefWire