Mumbai: Fashion Designer Babita Malkani Files Cheating Case Against Ritz Consultancy Owner Over Alleged Ponzi Scheme

Mumbai: Fashion Designer Babita Malkani Files Cheating Case Against Ritz Consultancy Owner Over Alleged Ponzi Scheme

A separate complaint has been filed with the economic offences wing of the crime branch by two of the victims in which Dalal, who is now absconding, has been accused of running a ponzi scheme.

Megha KuchikUpdated: Sunday, March 17, 2024, 07:26 AM IST
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Babita Malkani (56) fashion designer, has filed a case against Amber Dalal, owner of Ritz Consultancy Services Company, for alleged cheating. Malkani alleges that Dalal defrauded her, along with multiple individuals of Rs.54.45 crores. The case was lodged at Oshiwara police station on March 15. According to some of the victims, the amount could cross Rs 1,000 Cr since more complaints are in the pipeline.

A separate complaint has been filed with the economic offences wing of the crime branch by two of the victims in which Dalal, who is now absconding, has been accused of running a ponzi scheme.

Details of case

According to the FIR, Malkani resides in Gandhi Gram, Juhu. In April 2023, a friend introduced her to Amber Dalal, who operated a Ritz consultant services and assured her of safe investment and good returns. Her friend informed Malkani that his family also invested in Dalal's company. Malkani wanted to meet Dalal first and then make an investment decision.  

In April 2023, She along with her friend, visited Dalal's office located in Andheri West. Dalal assured Malkani that investors received a good return on their investment. He further explained that he would invest her money in various commodities and conduct trading, promising a 1.8% return on profit per month. Dalal assured her that transactions would be conducted via bank and a Memorandum of Understanding would be made.

Malkani agreed to the conditions and expressed investment. In April 2023, she invested Rs 10 lakh in Dalal's Ritz company, transferring the amount from her HDFC bank to Ritz's ICICI bank account. They made a Memorandum of Understanding and she received a profit on the same amount.

In June 2023, she again invested Rs 25 lakh in Dalal's company in two transactions. She received a regular profile on her total investment of Rs.35 lakhs until February 2024. However, in March 2024 she did not receive any profit. Subsequently, she approached Dalal, he claimed his wife was unwell and provided another individual's mobile number for further inquiries. However, the individual did not provide a satisfactory response. 

Subsequently, she went to Dalal's office, but it was closed. Later, upon arriving at Dalal's residence, she found around 25 individuals gathered outside his residence. Dalal allegedly persuaded them to invest and not provide any return or profit to them. She discovered that Dalal was not in his home, he had escaped and defrauded investors in crores.

Dalal neither returned the investment amount nor the profits to the investors. Malkani's FIR included details of investments from another 55 investors.

Malakani filed a case against Amber Dalal under the IPC sections 420 (cheating and dishonesty), 406 (criminal breach of trust), and 409 (criminal breach of trust) along with sections of the Maharashtra Protection of Interest of Depositors Act.

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