Daijiworld Media Network - Hyderabad
Hyderabad, Jul 3: In a first-of-its-kind move, the Directorate of Enforcement (ED) has auctioned a seized Hawker 800A aircraft linked to the alleged Rs 792-crore Falcon Group invoice discounting scam, with the proceeds set to be used for compensating investors who were allegedly defrauded.
The ED's Hyderabad Zonal Office said the aircraft was sold through MSTC Limited on July 1 for Rs 3 crore, marking the agency's first auction of a seized aircraft under the provisions of the Prevention of Money Laundering Act (PMLA).
According to the agency, the Hawker 800A jet had been seized from Rajiv Gandhi International Airport in Hyderabad during searches conducted on March 7, 2025, in connection with a money laundering investigation against Amardeep Kumar, Capital Protection Force Pvt. Ltd. (Falcon Group) and others.
The ED said the sale proceeds will be deposited and, subject to permission from the Special PMLA Court, utilised for restitution to genuine investors who allegedly suffered losses in the fraudulent scheme.
Following the seizure, the agency had approached the Adjudicating Authority under the PMLA, which confirmed the attachment of the aircraft through an order dated August 18, 2025.
Subsequently, the ED sought permission 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 dispose of the aircraft.
The Adjudicating Authority approved the request on November 20, 2025, paving the way for the auction.
The money laundering case stems from three FIRs registered by the Economic Offences Wing (EOW), Cyberabad, against Hyderabad-based Capital Protection Force Pvt. Ltd., popularly known as Falcon Group, its Chairman and Managing Director Amardeep Kumar and several others.
According to the ED, the accused allegedly operated a bogus invoice discounting scheme and cheated a large number of investors of nearly Rs 792 crore by promising unusually high returns.
Investigators alleged that while investors were led to believe their funds were being deployed in invoice discounting transactions, no genuine invoice discounting business was actually conducted, making the operation a Ponzi-style investment fraud.
During the course of the investigation, the ED arrested Sandeep Kumar, brother of the main accused Amardeep Kumar, along with chartered accountant Sharad Chandra Toshniwal and Aryan Singh Chhabra, Chief Executive Officer of Falcon Invoice Discounting.
The agency also filed a prosecution complaint before the jurisdictional court on September 29, 2025.
The ED said it remains committed to tracing, attaching and confiscating proceeds of crime under the Prevention of Money Laundering Act, ensuring that offenders do not benefit from illicit assets while facilitating the return of recovered properties and funds to genuine victims and investors in accordance with the law.
The investigation into the alleged financial fraud is continuing.