A Mumbai-based investment consultant, Amber Dalal, is facing charges of cheating investors to the tune of Rs 54 crore. Dalal, who operated the consultancy firm Ritz Consultancy, allegedly promised investors a monthly return of 2% on their investments.
According to the police, 55 investors have come forward with complaints against Dalal. However, authorities suspect it could be a larger ponzi scheme involving a significantly higher amount, as reported by the Indian Express on March 18.
Investors alleged that they received regular returns on their investments until February. However, the payments due for March were not made, raising suspicions. Initially, Dalal cited personal reasons, claiming he couldn’t process payments due to his wife’s illness. He assured investors of payments by March 14 but failed to fulfill the promise. Subsequently, when investors visited his residence in Oshiwara and found him missing, they filed a cheating case. There are concerns that Dalal may attempt to flee the country.
Soumya Parmar, co-founder of Himalayan Origins, sought assistance on a social media platform, requesting help in locating Amber Dalal. She indicated that over 500 investors, both from India and abroad, have invested more than 1000 crores in Dalal’s scheme. Parmar also mentioned sightings of Dalal’s car near Dahisar, suggesting he may be heading to Gujarat.
According to another user on the platform, Dalal had promised investors an annual return of at least 22%, assuring the safety of their capital. It is estimated that over 1,000 individuals may have invested in the scheme, claimed Nishant Batra CWM (@stepbystep888) on the platform.
