Seized Luxury Jet Linked to ₹792 Crore Investment Fraud Goes Under Auction Hammer
A luxury business jet seized by India's Enforcement Directorate (ED) in connection with a massive investment fraud is set for public auction, marking a significant development in a case that has exposed vulnerabilities in the country's financial regulatory framework. The Hawker 800A aircraft, parked at Hyderabad's Begumpet Airport, will be auctioned on December 9 through MSTC Limited's e-platform, with proceeds intended to compensate victims of an alleged ₹792 crore scam.
Background and Context
The aircraft's seizure stems from an investigation into Capital Protection Force Pvt. Ltd. and its promoter Amardeep Kumar, who allegedly operated a fraudulent invoice-discounting scheme under the Falcon Group banner. The ED launched its probe following three FIRs registered by Cyberabad's Economic Offences Wing in 2025, which accused the operators of luring investors with promises of extraordinarily high returns. According to enforcement agency records, the scheme defrauded investors of approximately ₹792 crore through what investigators describe as bogus invoice discounting arrangements.
Key Figures and Entities
Court documents identify Amardeep Kumar as the primary accused, who allegedly fled India aboard the very aircraft now being auctioned just before authorities filed the initial complaints. The ED has provisionally attached assets worth ₹18.63 crore linked to the accused network. Three individuals have been arrested in connection with the case: Sandeep Kumar, identified as the main accused's brother; Sharad Chandra Toshniwal, a chartered accountant allegedly involved in the scheme; and Aryan Singh Chhabra, who served as Chief Operating Officer of Capital Protection Force Pvt. Ltd. A Prosecution Complaint was filed before the Special PMLA Court in Ranga Reddy on September 29, 2025.
Legal and Financial Mechanisms
The aircraft was seized on March 7, 2025, during operations under the Prevention of Money Laundering Act (PMLA). ED records reveal the jet was purchased in 2024 for USD 1.6 million, valued at over ₹13 crore. The Adjudicating Authority under PMLA confirmed the seizure on August 18, 2025. Citing high maintenance costs and the risk of asset degradation, the ED sought permission to dispose of the aircraft under Rule 4(2) of the PML (Taking Possession of Attached or Frozen Properties) Rules, 2013. Auction authorization was granted on November 20, 2025, allowing the agency to recover value for victim compensation.
International Implications and Policy Response
The case highlights significant challenges in cross-border financial crime enforcement, with the alleged mastermind remaining absconding abroad. The ED is coordinating with international agencies to trace Amardeep Kumar's location and initiate extradition proceedings. This incident underscores broader concerns about regulatory oversight in investment schemes promising unusually high returns. Enforcement authorities have repeatedly cautioned the public about such schemes, emphasizing the need for due diligence and verification of regulatory approvals before investing. The agency's decision to auction the aircraft reflects an emerging strategy to rapidly liquidate seized assets to expedite victim restitution in complex financial fraud cases.
Sources
This report draws on official statements from India's Directorate of Enforcement, court filings from the Special PMLA Court in Ranga Reddy, and FIRs registered by Cyberabad's Economic Offences Wing. Additional information comes from MSTC Limited's auction platform documentation and Prevention of Money Laundering Act regulatory frameworks.
