MUMBAI: The city economic offences wing (EOW), probing an investment fraud, has frozen more than 20 bank accounts belonging to accused Ambar Dalal and his company, Ritz Consultancy Services. Dalal is accused of collecting money from gullible investors and not paying profit. While the cheating amount mentioned in the FIR was Rs 54.5 crore last week, investigators on Thursday said that more investors have come forward and the cheating amount has now crossed the figure of Rs 150 crore.
A Juhu-based fashion designer had lodged an FIR on March 15 against Dalal (59) with the Oshiwara police. Dalal was booked for cheating and breach of trust under the IPC and sections of Maharashtra Protection of Interest of Depositors Act were also invoked. The complainant had between April 2023 and March 2024, invested a total of Rs 54 lakh.
Later, the probe was handed over to the EOW. “We have issued a look out circular (LOC) notice against Dalal,” said an officer. An LOC is issued against an accused to prevent him fleeing from the country.
Dalal started the investment schemes in 2010. He would collect money from investors and assure 1.5% to 1.8% monthly returns. He told investors that he was investing their money in commodities like crude oil, zinc, copper, aluminium, lead, gold, silver, nickel and natural gas, said police.
Police said that Dalal had been giving profit on the 10th day of every month. However, in March he defaulted giving profit and left his residence on March 14 morning. This led to an FIR against him. “So far over 200 people have come to us with their complaints. Looking at the fraud, we feel more than 500 people would come to complain against Dalal,” said an officer.
The EOW carried out searches at Dalal’s Oshiwara apartment and office premises. Investigators seized two laptops, dozens of files and documents, DVR etc after a panchnama. “We have written to banks to block more than 20 accounts belonging to Dalal, a joint account with a family member and his company,” added the officer. Cops will now study how much money are lying in the frozen accounts and whether money was transferred to other accounts. The EOW is likely to check with the SEBI if Dalal’s company had submitted its details to SEBI for running an investment scheme.
The investors included senior citizens, businessmen and several other professionals. On Thursday, many victims visited the EOW office and met police officers with their complaints.
A team supervised by Nishith Mishra, Jt CP (EOW), DCP Sangram Nishandar and senior inspector Sachin Kadam is probing the case.
A Juhu-based fashion designer had lodged an FIR on March 15 against Dalal (59) with the Oshiwara police. Dalal was booked for cheating and breach of trust under the IPC and sections of Maharashtra Protection of Interest of Depositors Act were also invoked. The complainant had between April 2023 and March 2024, invested a total of Rs 54 lakh.
Later, the probe was handed over to the EOW. “We have issued a look out circular (LOC) notice against Dalal,” said an officer. An LOC is issued against an accused to prevent him fleeing from the country.
Dalal started the investment schemes in 2010. He would collect money from investors and assure 1.5% to 1.8% monthly returns. He told investors that he was investing their money in commodities like crude oil, zinc, copper, aluminium, lead, gold, silver, nickel and natural gas, said police.
Police said that Dalal had been giving profit on the 10th day of every month. However, in March he defaulted giving profit and left his residence on March 14 morning. This led to an FIR against him. “So far over 200 people have come to us with their complaints. Looking at the fraud, we feel more than 500 people would come to complain against Dalal,” said an officer.
The EOW carried out searches at Dalal’s Oshiwara apartment and office premises. Investigators seized two laptops, dozens of files and documents, DVR etc after a panchnama. “We have written to banks to block more than 20 accounts belonging to Dalal, a joint account with a family member and his company,” added the officer. Cops will now study how much money are lying in the frozen accounts and whether money was transferred to other accounts. The EOW is likely to check with the SEBI if Dalal’s company had submitted its details to SEBI for running an investment scheme.
The investors included senior citizens, businessmen and several other professionals. On Thursday, many victims visited the EOW office and met police officers with their complaints.
Expand
A Mumbai-based investment consultant allegedly ran away with crores of investors’ money, said a report by Hindustan Times on Sunday.
The investment consultant named Ambar Dalal has been booked by the Oshiwara police for cheating.
According to the report citing the police, so far 55 investors with a collective loss of ₹54 crore had come forward, but they suspected it could be a ponzi scheme involving a much higher amount.
On Friday¸ several investors thronged the Oshiwara police station after they found that chartered accountant Ambar Dalal had gone missing.
He had allegedly lured investors with the promise of up to 2 per cent return on investment per month through his firm Ritz Consultancy.
The returns were received regularly till February on the tenth of every month, claimed the investors.
“The payment due for March was not given to any of the investors,” said an official from the Oshiwara police, as per the report.
“They then started asking Dalal about it. He first skirted the issue saying he was busy attending to his sick wife. When some investors started landing up at his office, he promised to make all the payments by Thursday, March 14.”
After Dalal failed to pay dues to investors on Thursday, some of them went to his residence in Oshiwara, where they were told by his family members that he was untraceable.
“Some of us have even written to the Mumbai police’s Economic Offences Wing to take up the matter,” said an investor, as per the report. “We suspect that at least a hundred investors were subscribed to his services, with the total investment amount being ₹1,100 crores. We also suspect that Dalal will try to flee the country.”
Himalayan Origins co-founder Soumya Parmar also started a campaign on X, saying “Please help locate Mr Amber Dalal. Owner of a private investment firm in Mumbai called Ritz Consultancy. He’s missing since 14th March 24. Over 1000 crores are invested by over 500 investors across India/abroad. He’s on the run.”
Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it’s all here, just a click away! Login Now!
A Mumbai-based investment consultant allegedly ran away with crores of investors’ money, said a report by Hindustan Times on Sunday.
The investment consultant named Ambar Dalal has been booked by the Oshiwara police for cheating.
According to the report citing the police, so far 55 investors with a collective loss of ₹54 crore had come forward, but they suspected it could be a ponzi scheme involving a much higher amount.
On Friday¸ several investors thronged the Oshiwara police station after they found that chartered accountant Ambar Dalal had gone missing.
He had allegedly lured investors with the promise of up to 2 per cent return on investment per month through his firm Ritz Consultancy.
The returns were received regularly till February on the tenth of every month, claimed the investors.
“The payment due for March was not given to any of the investors,” said an official from the Oshiwara police, as per the report.
“They then started asking Dalal about it. He first skirted the issue saying he was busy attending to his sick wife. When some investors started landing up at his office, he promised to make all the payments by Thursday, March 14.”
After Dalal failed to pay dues to investors on Thursday, some of them went to his residence in Oshiwara, where they were told by his family members that he was untraceable.
“Some of us have even written to the Mumbai police’s Economic Offences Wing to take up the matter,” said an investor, as per the report. “We suspect that at least a hundred investors were subscribed to his services, with the total investment amount being ₹1,100 crores. We also suspect that Dalal will try to flee the country.”
Himalayan Origins co-founder Soumya Parmar also started a campaign on X, saying “Please help locate Mr Amber Dalal. Owner of a private investment firm in Mumbai called Ritz Consultancy. He’s missing since 14th March 24. Over 1000 crores are invested by over 500 investors across India/abroad. He’s on the run.”
Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it’s all here, just a click away! Login Now!
Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint.
Download The Mint News App to get Daily Market Updates.
Download The Mint News App to get Daily Market Updates.
Published: 17 Mar 2024, 03:17 PM IST