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The Enforcement Directorate (ED) has claimed that chartered accountant Amber Dalal, arrested in an alleged investment fraud, used investors’ money to cover losses incurred by him in stock market trading, paying credit card bills, and buying properties, including one in Dubai near Burj Khalifa.
Dalal was arrested on November 27, 2024, by ED following his arrest in March 2024 by the Mumbai police. ED has claimed that Dalal operated a Ponzi scheme, where only a small percentage of the investors’ funds were used for investment or trading and old investors were being paid using funds from new investments.
Earlier this month, ED filed its prosecution complaint (chargesheet) against Dalal and an acquaintance Rashmi Prasad. The Central agency has claimed that the proceeds of crime in the case are to the tune of Rs 564 crore, layered in various bank accounts and entities belonging to Dalal or his family.
ED has alleged that Dalal collected investments through his firm Ritz Consultancy Services, from over 2,000 people, promising returns of 1.5-1.8 per cent per month by trading in nine commodities like gold, silver, crude oil, natural gas, lead, and aluminum. He instead diverted the funds for his personal and unrelated uses, ED has claimed.
ED has attached assets valued at around Rs 67 crore, including immovable properties, bank accounts, and insurance policies. The agency has also claimed that there are more than 42 bank accounts of Dalal and his family which were used to layer the funds collected from investors.
“Considering the role of both the accused persons and their involvement in the crime, it has been prima facie brought on record that the accused persons are involved in generating proceeds of crime, projecting it and claiming it as untainted amount,” Special Judge A C Daga said in an order passed on January 24, issuing notice to Dalal and Prasad.
ED claimed that investors were provided with an undated cheque for their invested amount, promising them that their capital was safe and the amount could be redeemed whenever they wanted. The returns were regularly given till February 2024 after which Dalal absconded in March, ED has claimed. Of the diverted funds, a property of Rs 4.19 crore was purchased in Dubai.
The agency has also added details from his trading accounts, claiming that he incurred losses of Rs 80 crore. Statements of his family members show that Dalal operated all transactions and accounts.
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