The city police have apprehended Ambar Dalal (59), a chartered accountant and director at Ritz Consultancy Services, for allegedly deceiving over 600 investors of more than Rs 380 crore in an intricate investment scam. The arrest took place near Dehradun in Uttarakhand and Dalal was subsequently brought to Mumbai, where a special court remanded him in police custody until April 1.
The arrest comes in the wake of a criminal complaint filed by a fashion designer from Juhu at the Oshiwara police station. The complainant had entrusted Rs 54.5 lakh to Dalal for investment purposes between April of the previous year and recently.
According to the police, Dalal stands accused of soliciting funds for investment and then failing to deliver on the promised returns. Authorities have frozen funds in approximately 20 bank accounts linked to Dalal and his firm.
Reportedly, Dalal initiated the investment schemes in 2010, enticing investors with annual returns ranging from 20% to 22%. He purportedly claimed to allocate the funds to various commodities including crude oil, zinc, copper, aluminium, lead, gold, silver, nickel, and natural gas.
At the time of filing the criminal complaint, the alleged amount of financial impropriety was noted at Rs 54 crore, contributed by the Juhu-based fashion designer and 55 additional individuals from the city. The police have urged other potential victims of this scheme to step forward and register their grievances.
In addition to the ongoing investigation into Dalal’s domestic financial activities, authorities are also exploring the possibility of overseas investments and recent property transactions.
Economic Offences Wing officials apprehended Dalal from a hotel in Tapovan, near Dehradun, following his attempts to evade capture by frequently changing accommodations. Seized from him were two mobile phones and a laptop.
The continuous efforts of the team led by Deputy Commissioner Sangramsinh Nishandar, supported by Senior Inspector Sachin Kadam, Inspector Pritam Banavali, and Sub-Inspector Rahul Kshirsagar, have underscored the commitment of law enforcement in combating financial malpractice.
This case serves as a reminder for individuals to exercise caution and due diligence when pursuing investment opportunities and to report any suspected fraudulent activities to the appropriate authorities.
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