Mumbai Police Crack Down on Chartered Accountant for Alleged Rs 54 Crore Investment Fraud

Mumbai, 18th March 2024: The Mumbai Police have taken action against chartered accountant Amber Dalal, the proprietor of Ritz Consultancy Services Company, following allegations of defrauding numerous investors to the tune of Rs 54 crore. Authorities have indicated that the extent of the fraud could escalate as more victims continue to come forward.

The case was filed at the Oshiwara police station based on a complaint lodged by a 56-year-old fashion designer. According to the First Information Report (FIR), in April 2023, the complainant was introduced to Amber Dalal by a friend, who promised lucrative returns on investments. Dalal purportedly assured her of transparent dealings, offering monthly profits ranging from 1.5% to 1.8% through investments in various commodities and trading activities. To formalize the arrangement, Dalal allegedly proposed signing a Memorandum of Understanding (MoU).

Initially enticed by the promised returns, the complainant made significant investments in Dalal’s company between April 2023 and March 2024, totalling Rs 54.45 lakh. However, in March 2024, the accused company began defaulting on payments. When the complainant confronted Dalal regarding the issue, he evaded responsibility by offering various excuses and subsequently ceased communication. It later came to light that several other individuals had also fallen victim to Dalal’s fraudulent schemes.

Upon realizing that Dalal had absconded, the affected investors approached the authorities. Dalal has been charged under relevant sections of the Indian Penal Code, including 420 (cheating and dishonesty), 406 (criminal breach of trust), and 409 (criminal breach of trust), along with provisions of the Maharashtra Protection of Interest of Depositors Act.