Hyderabad: Proceeds of the alleged ₹792-crore Falcon Invoice Discounting fraud were allegedly routed through dummy bank accounts to Dubai and subsequently invested in companies and high-value assets in the United Arab Emirates, the United States, Malaysia and Indonesia, the Enforcement Directorate (ED) has told a court.The ED alleged that the accused used investor funds to acquire private jets, villas, a Rolls Royce and equity stakes in overseas firms.According to documents filed after the arrests of key accused Amardeep Kumar and Vivek Sethi, the ED is investigating a multi-layered money laundering network allegedly used to siphon investor funds out of India. The agency described Amardeep as the mastermind behind the diversion of funds and alleged that Sethi facilitated overseas transfers while managing investments and aviation operations from Dubai.Rolls Royce, overseas investmentsThe ED alleged that Amardeep invested ₹9 crore in BLI Global (Bluelife Malaysia) and acquired equity in BLI Global Star in Indonesia. In Dubai, he allegedly invested six million UAE dirhams to acquire a 60% stake in MBR1 Security. Sethi is accused of facilitating the deal, including withdrawals of about 4,00,000 dirhams from Amardeep’s cards to pay the company’s founder.Investigators further alleged that diverted funds were used to purchase a ₹16 crore villa and a ₹3 crore Rolls Royce. While assets worth ₹20.66 crore have been provisionally attached, the ED said a substantial portion of the alleged ₹792 crore principal amount remains untraced.₹68 cr layered through dummy accountsThe ED alleged that money collected from investors through Capital Protection Force Private Limited was transferred to dummy or mule accounts arranged by Amardeep’s associates, Nazim and Ashraf.From these accounts, the funds were allegedly remitted to Dubai through banking channels, where they were encashed and received by Sethi. He would then hand over the cash to Amardeep after deducting a commission of 1.5% to 2%, the ED alleged.According to the ED, Sethi helped layer nearly ₹68 crore and earned commissions ranging between ₹1.02 crore and ₹1.36 crore, which were allegedly spent on personal expenses.Aircraft deal under probeSethi, a commercial pilot licence holder who had been living in Dubai since 2010 and running a bakery named Cake Delight, allegedly managed Amardeep’s overseas investments and aviation activities. He left India for Dubai on Jan 22, 2025, aboard a Hawker 800A charter aircraft, shortly before FIRs were registered. The ED alleged he continued managing the aircraft’s operations until it was seized in March 2025.The agency further alleged that Amardeep diverted funds through Falcon Capital Ventures Private Limited and transferred $1.6 million to an escrow account maintained by Aerotitle in Oklahoma to acquire the Hawker aircraft. Prestige Jets Inc was incorporated in Dover, Delaware, while about $1,45,000 was allegedly paid from the account of US-based IT company Ojas Inc for the aircraft’s interiors.The ED also cited an arrangement between Ojas Inc and Endpoint in Texas under which commissions of $5 per hour per person were allegedly paid in cash, with some distributions taking place in Chennai.
