54 Cr Ponzi Scheme Scam: Mumbai based Chartered Accountant disappears, Police lodges FIR

Top Stories 54 Cr Ponzi Scheme Scam: Mumbai based Chartered Accountant disappears, Police lodges FIR Allegation of a 1000 Cr Ponzi Scheme is leveled against the Chartered Accountant By Manu Sharma – On March 18, 2024 2:29 pm – 2 mins read On March 15, Mumbai Police filed a First Investigation Report ( FIR ) against CA Amber Dalal, a chartered accountant and the proprietor of Ritz Consultancy Services Company, in response to accusations of defrauding numerous investors to the tune of Rs 54 crore.

Authorities anticipate the fraud amount could escalate further as additional victims step forward. The case was officially filed at Oshiwara police station following a complaint lodged by a 56-year-old fashion designer. The complaint, documented in the FIR, details events from April 2023, when the complainant was introduced to Amber Dalal by a mutual acquaintance. Dalal purportedly enticed the complainant with promises of substantial investment returns. Allegedly, Dalal assured transparency and outlined plans to invest the complainant’s funds across various commodities and trading ventures, pledging monthly profits ranging from 1.5% to 1.8%.

He also mentioned a Memorandum of Understanding would formalize the arrangement. Subsequently, the complainant invested initially, encouraged by the promised returns. Over the span of April 2023 to March 2024, she entrusted Rs 54.45 lakh to Dalal’s company. However, by March 2024, the company defaulted on payments, prompting the complainant to seek answers from Dalal. Instead of addressing concerns, Dalal allegedly evaded communication and provided various excuses.

Read Also: Bengaluru Chartered Accountant tries to Sell Kidney to Pay EMIs, loses ₹6 Lakhs to Scamsters Upon investigation, it was revealed that multiple individuals had fallen victim to Dalal’s schemes. Subsequently, when investors discovered Dalal had absconded, they approached law enforcement. Amber Dalal faces charges under sections 420 ( cheating and dishonesty ), 406 (criminal breach of trust), and 409 (criminal breach of trust) of the Indian Penal Code, along with relevant provisions of the Maharashtra Protection of Interest of Depositors Act.

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