Hyderabad: In a major development in the Falcon multi-level marketing scam, the Enforcement Directorate on Friday attached 12 immovable properties worth ₹18.14 crore belonging to the company.
The Falcon group, led by chairman Amrdeep Kumar, is accused of defrauding investors of ₹792 crore across Telangana. The ED found that the attached properties were purchased using proceeds of the alleged fraud.
Earlier, the agency had seized a Hawker 800A private jet, which was also bought using funds collected through deceptive schemes.
Investigations reveal that the company, under the guise of “invoice discounting” through M/s Capital Protection Force Pvt Ltd, lured investors by promising high returns.
Authorities say Falcon collected nearly ₹4,215 crore from 7,056 individuals, but failed to return dues worth ₹792 crore to 4,065 victims.
ED continues to probe both the firm and its chairman in connection with large-scale financial fraud and money laundering.