According to a report by Hindustan Times on Sunday,Amber Dalal a Mumbai-based investment consultant purportedly absconded with millions of investors’ funds. Oshiwara police have filed a cheating case against the investment consultant Ambar Dalal.
As per the police report, 55 investors have reported losses totaling ₹54 crore so far. However, authorities suspect the actual amount involved in the potential Ponzi scheme could be much higher.
On Friday, numerous investors crowded the Oshiwara police station upon discovering that chartered accountant Ambar Dalal was missing.
Dalal had allegedly enticed investors with the prospect of monthly returns of up to 2%, through his company Ritz Consultancy.
Investors claimed they received regular returns until February, with payments arriving on the tenth of each month.
An official from the Oshiwara police mentioned that the payment due for March wasn’t given to any investors.
When questioned, Dalal initially avoided the matter citing his wife’s illness. However, when investors showed up at his office, he assured them that all payments would be settled by Thursday, March 14.
Despite his promise, Dalal failed to pay the investors on Thursday. Concerned, some investors visited his home in Oshiwara, only to be informed by his family that he couldn’t be found.
An investor stated that they’ve reached out to Mumbai police’s Economic Offences Wing regarding the issue. They suspect around a hundred investors, with a total investment of ₹1,100 crores. There are also concerns that Dalal might attempt to flee the country.
Soumya Parmar, co-founder of Himalayan Origins, initiated a campaign on X, urging assistance in locating Mr. Amber Dalal, the owner of Mumbai-based investment firm Ritz Consultancy. Dalal has been missing since March 14, 2024. More than 500 investors, both in India and abroad, have collectively invested over 1000 crores. It’s believed that Dalal is currently evading authorities.
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