he Enforcement Directorate (ED) has arrested Amber Dalal, a chartered accountant and investment consultant, in connection with a major financial fraud involving Rs 1,100 crore. Dalal, who was previously detained by the Economic Offences Wing (EOW) in March 2024, is now facing charges of money laundering related to an illicit investment scheme.
Dalal, who owns Ritz Consultancy Services, allegedly raised funds from over 2,000 investors under the guise of investments in commodity trading. Promising monthly returns of 1.5 to 1.8 percent, Dalal’s company drew in investors, but the firm was not registered with any regulatory authority.
The ED claims that Dalal’s company collected substantial funds through three different bank accounts, distributing returns to investors until February 2024. However, following the last payouts, Dalal reportedly went into hiding.
Further investigation revealed that Dalal misused the money to cover his personal losses in stock market trading, instead of repaying the investors. The agency also alleges that the diverted funds were funneled through accounts belonging to Dalal’s family members and used for purchasing property in their names, without their knowledge.
The ED has seized assets and is focusing on tracing the final recipients of the illicit funds, including examining properties purchased by Dalal both in India and abroad.
Dalal’s defense lawyer claims that the investigating agencies already have all the necessary documents from the EOW case, where Dalal has been in custody since March. However, the ED argued that his custodial interrogation was essential, as they believe Dalal is the mastermind behind the scam.
