Ponzi Scam Mastermind Amber Dalal Arrested for Defrauding Investors of ₹600 Crore
Amber Dalal, the proprietor of Ritz Consultancy Services, has been arrested by the Enforcement Directorate (ED) for orchestrating a ₹600 crore Ponzi scheme that duped over 1,300 investors. Dalal lured investors with promises of high returns, paid initial profits to gain trust, and then diverted the funds for personal gains and accomplices.
The investigation began after the Economic Offences Wing (EOW) of Mumbai Police filed an FIR against Dalal. He was taken into ED custody from judicial detention, where he was being held following his EOW arrest. A court has now remanded him to ED custody for further investigation.
According to authorities, Dalal used part of the funds to purchase properties and distributed money among accomplices. His scheme operated by using funds from new investors to pay returns to earlier ones, rather than making legitimate investments.
The ED’s search operations in June and September this year uncovered a network of stockbrokers and investment advisors who were bringing in clients in exchange for commissions. So far, assets worth ₹39 crore have been seized, with a total of ₹67 crore frozen or attached in connection with the scam.
The case continues to unravel, with further investigations underway.
News Source : “Information for this article was gathered from a variety of reliable news outlets.”
