The Enforcement Directorate (ED) has uncovered a sprawling international financial network allegedly operated by the prime accused in the massive Falcon invoice discounting scam. In a detailed prosecution complaint, the agency has mapped how the proceeds of crime, estimated at over Rs 4,215 crore, were funneled into companies and high-value assets across the United States, the United Arab Emirates, Malaysia, and Indonesia.
The Anatomy of the Falcon Scam
The case revolves around Capital Protection Force Pvt Ltd, which did business under the name 'Falcon'. The company is accused of orchestrating a massive Ponzi scheme, luring investors with promises of high and assured returns through an invoice discounting model. The ED has named Amardeep Kumar, Sandeep Kumar, Sharad Chandra Toshniwal, and Aaryan Singh as key accused who allegedly used fabricated business deals to deceive investors.
Investigators found that a staggering Rs 3,422 crore was cycled back to pay earlier investors, a classic hallmark of a Ponzi scheme meant to sustain the illusion of legitimacy. The remaining Rs 792 crore, representing the principal amount still owed, was identified as proceeds of crime. This money was allegedly siphoned off for personal enrichment, overseas investments, and creating assets.
The Global Trail: From US Jets to Dubai Offices
The ED's complaint meticulously details the overseas footprint of prime accused Amardeep Kumar. In the United States, he allegedly used illicit funds to establish Prestige Jets Inc in Delaware. Furthermore, he purportedly purchased a Hawker 800A aircraft for USD 1.6 million through an escrow account in Oklahoma, projecting it as an air ambulance venture. An additional USD 145,000 was paid to a Florida-based firm for the aircraft's interior renovation via another entity, Ojas, USA. Amardeep is also said to have acquired 100% shares in Ojas Inc, Texas, for Rs 19.5 crore.
In Dubai, the probe found Amardeep to be the sole investor in MBR1 Group, with an investment of roughly Rs 13.2 crore and an operational office in Downtown Dubai. Another Dubai-based entity, Prestige Jets Dubai, allegedly transferred close to USD 300,000 for the purchase and maintenance of the aircraft.
The money trail extended to Southeast Asia, with an investment of around 1 million Malaysian ringgit in BLI Global, Malaysia. A connected entity, BLI Global Star in Indonesia, operated in the same direct-selling business. Both firms were reportedly headed by a Chinese national identified as Kenneth.
Layering Operations Within India
Within India, the ED outlined a complex web of transactions designed to layer and integrate the illicit funds. These methods included:
- Equity investments totaling Rs 20.6 crore in Rhett Healthcare, Rhett Herbal, and RDP Workstations.
- Unsecured loans of Rs 3 crore extended to Rhett Healthcare and RDP Workstations.
- Real estate purchases worth Rs 2.6 crore registered in the names of Amardeep, Sandeep, and others.
- Transfers of Rs 5.7 crore to family members.
The agency also alleged diversion of funds to entities where the accused held directorial positions, including Rs 3.4 crore to Falcon Capital Ventures and Rs 2.3 crore to Swastik Ghee. Significant sums were routed through Tirupati Bullions (approx. Rs 4.3 crore) and Farmgate Agro Milch (Rs 10.5 crore) using bogus transactions. In a startling revelation, the ED claimed that Amardeep transferred about Rs 21 crore to a casino in Goa, leading to an alleged revenue loss of Rs 18.3 crore linked to the scam.
Legal Actions and Ongoing Probe
Following its extensive investigation, the Enforcement Directorate has filed a prosecution complaint and issued an attachment order for the identified proceeds of crime. The agency has also sought a non-bailable warrant against the absconding prime accused, Amardeep Kumar. The case highlights the sophisticated methods used to launder money from large-scale financial frauds across international borders, challenging investigative agencies to track and recover assets spread over multiple jurisdictions.
