Hyderabad:Falcon Group chairman and managing director (CMD) Amardeep Kumar and chief executive officer (CEO) Vivek Seth, who collected Rs 850 crore from 7,000 customers, many of them in Hyderabad, in a Ponzi scam, are suspected to be trying to evade the Directorate of Enforcement (ED) probe by fleeing to another country from Dubai where they were believed to have holed up.ED officials had on March 8 seized an eight-seater luxury aircraft at the Shamshabad airport, which is believed to have ferried the duo to Dubai. At that time, the ED had questioned key persons suspected of helping Amardeep Kumar and Vivek Seth flee.Sources said the ED had kept a close vigil on the movements of Amardeep Kumar and his financial transactions being made in Dubai. The ED is also probing the case to find out the accused who had indulged in the `850 crore fraud in the city.Sources said the ED was also verifying the accounts of the Falcon group and its CMD and CEO for alleged money-laundering. The agency is tracing the investments that the duo made in the form of purchasing assets and cash transactions from the proceeds of crime.Amardeep Kumar and Vivek Seth had fled to Dubai on January 22 using the company-owned aircraft to avoid investigation. Kumar had been going to Dubai using the jet every month even before cases were registered against him. Initially, the Cyberabad police registered cases against Falcon and its management and arrested three persons. Recently, the court granted bail for one of the accused who was an employee. The economic offences wing (EOW) of the Cyberabad police commissionerate is also probing the case.
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