ED To Auction Falcon’s Business Jet On Dec. 9

Hyderabad: The Enforcement Directorate will auction a mid-sized business jet, Hawker 800-A, which it had seized from Falcon Group chairman Amardeep Kumar. The auction will be conducted by MSTC Limited on December 9.

According to a statement issued by the ED, the aircraft was seized at the Rajiv Gandhi International Airport during its investigation into the `792-crore investment scam on March 7. The seized aircraft is parked at the Begumpet airport and is available for inspection till December 7.

After the seizure, the ED filed an application before the adjudicating authority, PMLA, and the seizure was confirmed through an order dated August 18. It also secured permission from the adjudicating authority to auction the aircraft on November 20.

According to rules, the ED could sell an attached property if it is subject to speedy and natural decay or if its maintenance costs are likely to exceed its value. The proceeds from the sale of the aircraft will be used to refund money to the victims of the scam.

During its investigation, the ED found that Amardeep Kumar launched an invoice discounting scheme named ‘Falcon Invoice Discounting’ and duped gullible investors of `792 crore of their money.

The case of fraud was lodged by the Cyberabad economic offences wing police, against Falcon Group Capital Protection Force Pvt. Ltd, chairman Amardeep Kumar, and others for defrauding investors in a bogus invoice discounting scheme. Amardeep Kumar fled the country prior to the registration of FIRs. The ED is examining violations under the Prevention of Money Laundering Act.

The ED has provisionally attached properties worth Rs 18.63 crore in the case and has also arrested three accused persons — Sandeep Kumar, who is the brother of Amardeep Kumar, chartered accountant Sharad Chandra Toshniwal, and Capital Protection Force Pvt. Ltd COO Aryan Singh Chhabra.