Hyderabad: Vivek Mohan Seth, a key accused wanted by the Enforcement Directorate (ED) in the ₹794 crore Falcon investment scam, was detained by immigration authorities in Mumbai airport while returning from abroad, according to sources. The ED is now making arrangements to bring him to Hyderabad for questioning in the money laundering case.Seth had allegedly been absconding for nearly a year and was believed to be staying in Dubai, ED sources said. “We are verifying from where he was returning,” an ED source said.The ED has identified Seth as a close associate of alleged scam mastermind Amardeep Kumar and the Falcon group. He was reportedly the chief executive officer or a senior representative of Prestige Jets Inc., an aviation company registered in Delaware, United States.Summons ignoredThe ED had issued a summons to Seth under the Prevention of Money Laundering Act on March 21, 2025, directing him to appear before investigators on April 4. However, he failed to appear and remained unavailable to the agency thereafter, sources said.According to the investigation, Prestige Jets Inc. owned a Hawker 800A aircraft that was used as an air ambulance and operated primarily from the company’s Dubai office. Statements recorded from pilots and others associated with the firm identified Seth as its chief executive officer or senior representative.Investigators alleged that Seth arranged $1.6 million from Amardeep for the purchase of the Hawker aircraft. The amount was allegedly transferred from Dubai to an escrow account maintained with JPMorgan Chase Bank in the US.The ED claimed the funds originated from an ICICI Bank account belonging to Capital Protection Force Private Limited and formed part of the money collected from investors under the Falcon scheme.The agency further alleged that Seth played a significant role in managing the aviation business, including appointing pilots and representing the company in meetings held in Dubai to secure air ambulance service contracts.Flight to Dubai under scrutinyStatements recorded from pilots also suggested that Seth may have travelled with Amardeep to Dubai on Jan 22, 2025. The date coincides with Amardeep’s departure from India, after which he allegedly remained in Dubai to evade arrest, ED sources said.The Falcon case centres on an alleged investment fraud operated by Amardeep through Capital Protection Force under the brand name Falcon.According to the ED, the company raised money from thousands of investors through the “Falcon invoice discounting scheme,” promising annual returns ranging from 11% to 21.95%. Investors were told the returns would be generated through the sale and discounting of invoices purportedly raised by major multinational companies, including Amazon, Flipkart and Tata Consultancy Services.Investigators alleged that the invoices were fabricated and that the operation functioned as a ponzi scheme, with funds from new investors being used to pay returns to earlier investors. The scheme later collapsed, and the company’s directors allegedly fled in February 2025.The ED said its investigation found that Capital Protection Force collected about ₹4,215 crore from investors. Of this, nearly ₹792 crore, which was not repaid, has been identified as proceeds of crime.The agency alleged that the funds were diverted to related entities, including Rhett Healthcare, Rhett Herbal and RDP Workstations, and used to acquire immovable properties, gold, silver and the Hawker 800A aircraft.Several individuals linked to the company, including its chief operating officer, chartered accountant and Amardeep’s brother, have already been arrested. Amardeep remains in Dubai after leaving India in Jan 2025, ED sources said.
