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