Mumbai Police Busts Massive Ponzi Scheme; Chartered Accountant Arrested in Uttarakhand
Mumbai, 29th March 2024: The Economic Offences Wing of the Mumbai police has apprehended Amber Dalal, a chartered accountant and investment consultant, in Uttarakhand on allegations of orchestrating a substantial Ponzi scheme and deceiving over 1,000 investors, both domestic and international, out of hundreds of crores of rupees.
Reportedly, more than 600 investors have lodged complaints, citing losses exceeding Rs 380 crore, with expectations of the number rising significantly as additional victims step forward.
DCP Sangramsinh Nishandar confirmed Dalal’s arrest, disclosing that he was detained on Tuesday night. Seized from Dalal were two mobile phones and a laptop, following which he was presented before a court and remanded in police custody until April 1, according to Sachin Kadam, a senior inspector from the police’s sales tax unit.
Operating under the banner of Ritz Consultancy Services Company, Dalal allegedly promoted a Ponzi scheme promising monthly returns of 1.5-1.8 percent on investments. The scheme purportedly attracted over 1,023 investors, spanning across India, the UK, US, Australia, China, and Dubai.
The Oshiwara police initiated a case on March 15 against Dalal, responding to allegations of defrauding investors, including a complaint filed by a Juhu-based fashion designer who claimed a loss of Rs 54 crore. As per the FIR, Dalal assured investors of risk-free investments and trading, guaranteeing monthly returns, but eventually defaulted on payments from March 2024 onwards.
Victims, initially receiving returns punctually, progressively entrusted larger sums to Dalal. However, as defaults began, Dalal evaded communication, attributing delays to various excuses, including family issues. Investors eventually realized the extent of the fraud, leading to police involvement.
Following Dalal’s disappearance on March 14, investors sought legal recourse, prompting the issuance of a lookout circular. Victims allege losses exceeding Rs 1,200 crore, with prominent figures, including actor Annu Kapoor’s family, among those affected.
Dalal’s arrest on charges under IPC sections 420, 406, and 409, alongside sections of the Maharashtra Protection of Interest of Depositors Act, signifies the commencement of investigations into fund diversion and asset acquisition. The police, having secured Dalal’s custody, aim to recover funds and distribute them among the victims, albeit acknowledging the procedural complexities involved.
The police’s investigative efforts, involving searches, account freezes, and cross-state operations, underscore the gravity of the case, urging affected individuals to cooperate with the Economic Offences Wing for potential restitution.
