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Mumbai Police Arrests Alleged Ponzi Scheme Promoter, Amber Dalal, in Uttarakhand

Mumbai Police Arrests Alleged Ponzi Scheme Promoter, Amber Dalal, in Uttarakhand, Exposing Multi-Country Investor Fallout.

Mumbai, March 28, 2024 : The Economic Offences Wing (EOW) of the Mumbai police has made a significant breakthrough in its pursuit of justice against financial fraud with the arrest of Amber Dalal, a 59-year-old chartered accountant and investment consultant. Dalal stands accused of orchestrating a massive Ponzi scheme, defrauding over 600 investors of approximately Rs 380 crore. The arrest took place in Tapovan, Uttarakhand, following a meticulous operation by the EOW.

Dalal’s fraudulent activities came to light when a group of 56 investors lodged a complaint with the Oshiwara police station, alleging non-receipt of promised returns on their investments. It was revealed that Dalal had lured investors with the promise of monthly returns ranging from 1.6 to 1.8 percent through his company, Ritz Consultancy Services. Claiming to invest in commodities, Dalal managed to gain the trust of his victims, only to cease payments later, leaving hundreds in financial ruin.

According to official sources, the magnitude of Dalal’s scheme extends far beyond national borders, with victims from countries including the United Kingdom, the United States, Australia, China, and Dubai. Investors recount how they were initially drawn in by small, yet consistent returns, only to realize later that Dalal’s promises were hollow. Many investors, including senior citizens, entrusted their entire savings to Dalal, only to face devastating losses.

The arrest of Dalal marks a significant milestone in the ongoing investigation into what is being dubbed as one of the largest financial scams in recent memory. Dalal, who was produced before a Mumbai court, has been remanded in police custody until April 1, as the authorities continue their probe into the intricate web of deceit spun by him.

Senior Inspector Sachin Kadam, from the sales tax unit of the police wing, confirmed the seizure of two mobile phones and a laptop from Dalal’s possession, indicating potential leads crucial to unraveling the full extent of his illicit activities. Additionally, relevant sections of the Maharashtra Protection of Interest of Depositors Act (MPID Act) have been invoked against Dalal, underscoring the severity of his crimes.

The arrest comes on the heels of a lookout circular issued by the Mumbai police against Amber Dalal, amidst fears that he might attempt to flee the country. With more victims coming forward and the estimated scale of the fraud surpassing Rs 1,200 crore, the case has sent shockwaves through the financial community, serving as a stark reminder of the perils of unchecked financial manipulation.

As investigations continue, authorities remain committed to ensuring that those responsible for preying on the trust and livelihoods of innocent investors face the full force of the law. The apprehension of Amber Dalal serves as a beacon of hope for the victims, signaling a step closer towards justice in what has been a harrowing ordeal for hundreds ensnared in the web of deceit spun by the alleged Ponzi schemer.

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