Mumbai Police Issues Look Out Circular Against Alleged Ponzi Scheme Promoter Amber Dalal

Mumbai Police Issues Look Out Circular Against Alleged Ponzi Scheme Promoter Amber Dalal

The police’s Economic Offence Wing (EOW) has taken over the investigation from Amboli and Oshiwara police stations where FIRs were registered last Friday by fashion designer Babita Malkani and another investor against Dalal.

Megha KuchikUpdated: Thursday, March 21, 2024, 11:37 PM IST
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A Look Out Circular (LOC) has been issued by the Mumbai police against Amber Dalal, the promoter of Ritz Consultancy Services Company, who allegedly duped multiple investors in a Ponzi scheme, with the fraud suspected to touch Rs1,000 crore. The police’s Economic Offence Wing (EOW) has taken over the investigation from Amboli and Oshiwara police stations where FIRs were registered last Friday by fashion designer Babita Malkani and another investor against Dalal. 

“Initial investigations have revealed that several investors were duped and promptly an LOC was issued against Dalal to prevent him from fleeing,” confirmed a senior police official. Dalal is currently said to be on the run.

A complainant said, "It was a massive scam, with Dalal deceiving over a 1,000 people, including doctors, lawyers, businessmen and celebrities. Investors not only hail from India but also from the USA, UK, China, Australia, and Dubai. This amounts to an approximate Rs2,500 crore scam, with investments ranging from Rs10 lakh to Rs100 crore. Many senior citizens have lost their entire savings. Numerous people are coming forward and have approached the police."

Another complainant said, "Amber Dalal’s son Mitta was also involved in the scam. Amber Dalal possesses a residency certificate from the UAE. Some elderly investors depend on monthly returns from Ritz to survive month after month. This is a tragedy for many investors. It is an inhumane act on his part; he sweetly promised these elderly individuals to invest."

Malkani, 56, had filed a case against Dalal for duping her with promises of huge returns on investments. She alleged that Dalal defrauded her, along with multiple individuals of Rs54.45 crore. As reported earlier by the FPJ, the case was lodged at Oshiwara police station on March 15.

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