India Witnesses First-Ever Aircraft Sale Through E-Auction

In a first for the country, an aircraft has been sold through an e-auction conducted by the Enforcement Directorate (ED). The Hawker 800A aircraft, which had been seized by the ED in Hyderabad in connection with the Falcon Ponzi scam, was sold for ₹3 crore through an online auction conducted by MSTC with the required approvals under the Prevention of Money Laundering Act (PMLA).

The aircraft belonged to an accused in the ₹792 crore fraud case. The ED stated that the ₹3 crore generated from the sale will be returned to the victims of the scam. So far, three accused have been arrested in connection with the case, while the investigation into the financial fraud continues.