ED Provisions Assets Worth Rs 36.21 Crore in Amber Dalal Ponzi Scheme Investigation
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Synopsis
The Enforcement Directorate has provisionally attached assets worth approximately Rs 36.21 crore linked to the money laundering case of Amber Dalal, who is accused of running a Ponzi scheme. The investigation revealed extensive financial misconduct involving numerous agents and significant fund mismanagement.
Key Takeaways
- Rs 36.21 crore in assets provisionally attached by ED.
- 10 properties in Mumbai and Kolkata involved.
- Amber Dalal accused of a Ponzi scheme with over 1,300 investors.
- Investigation reveals agents received large commissions.
- Legal action ongoing against Dalal under PMLA.
Mumbai, March 25 (NationPress) The Enforcement Directorate (ED) has provisionally attached assets valued at approximately Rs 36.21 crore in relation to the money laundering investigation involving Amber Dalal and associates.
The agency disclosed in a statement that the attached assets comprise 10 immovable properties situated in Mumbai and Kolkata, alongside movable assets like Fixed Deposit Receipts (FDRs), shares, Mutual Funds, and investments in Alternative Funds.
The ED commenced its probe following an FIR lodged by the Mumbai Police against Amber Dalal, who is the owner of M/s Ritz Consultancy Services. Dalal is alleged to have operated a Ponzi scheme, misleading investors by promising high returns from commodity trading. After initially disbursing returns, he purportedly absconded with the funds of the investors. The total amount raised by Amber Dalal is estimated to exceed Rs 600 crore from over 1,300 investors, as per the ED's statement.
The investigation by the ED revealed that several individuals acted as commission agents, luring new clients into Dalal's scheme. However, these agents neglected to perform any due diligence and did not ascertain whether the collected funds were genuinely invested in commodity trading. Despite lacking formal agreements with Ritz Consultancy Services, these agents received substantial commissions from the investors' capital.
Further inquiries uncovered that Vinay Mohindar facilitated Amber Dalal in relocating the funds raised from investors to foreign jurisdictions. The funds were transferred by Dalal’s offshore entities to those belonging to Mohindar, masked as fictitious transactions.
Amber Dalal was apprehended during the investigation, and a Prosecution Complaint has been lodged against him under the Prevention of Money Laundering Act (PMLA), 2002. To date, assets valued at Rs 104.35 crore, including an immovable property in Dubai, have been attached and frozen in this case. Amber Dalal is presently in judicial custody, with legal proceedings ongoing.
