NEW DELHI: In a first, ED has auctioned a Hawker 800A aircraft through a PSU, MSTC, for Rs 3 crore in a ponzi scam money laundering case of Rs 792 crore against Capital Protection Force and its promoter Amardeep Kumar. The aircraft was seized from Rajiv Gandhi International Airport, Hyderabad, in March last year.The aircraft was auctioned Wednesday and the sum fetched will be used for restitution to “genuine investors in accordance with the PMLA” subject to the order of the special court, the agency said.A money laundering investigation was initiated against Capital Protection Force, a Hyderabad-based company responsible for running a bogus invoice discounting scheme, Amardeep and others on the basis of three FIRs registered by the EOW of Cyberabad.Amardeep is the CMD of Falcon Group (Capital Protection Force). He has been accused by ED of allegedly defrauding “a large number of investors through a ponzi scheme to the tune of Rs 792 crore” on pretext of returning a higher amount to the investors that was received under an invoice discounting scheme, though no such actual invoice discounting business was carried out.
ED auctions for Rs 3 crore Hawker aircraft seized in ponzi case | India News
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