ED arrests CA Amber Dalal accused of investment fraud in Mumbai
Mumbai, November 28, 2024
Dalal's lawyer said that he has been in custody since March in the EOW case and all the documents are already in possession of the investigating agencies.
The Enforcement Directorate (ED) Thursday arrested Amber Dalal, a chartered accountant and investment consultant, who was arrested by the Economic Offences Wing (EOW) in March over an investment fraud to the tune of Rs 1,100 crore.
The ED arrested Dalal in connection with alleged money laundering linked to the investment scheme. A special court here sent him to ED’s custody till December 2 on Thursday.
While seeking Dalal’s custody, the ED said that he is the owner of Ritz Consultancy Services, which had raised investment from various persons and entities in the name of investment and trading in commodities, promising a monthly return of 1.5 to 1.8 per cent on investments.
The ED claimed that money was deposited by investors in three bank accounts and they were given returns regularly till February 2024 after which Dalal went absconding.
The agency further said that the company was not registered with any regulatory body and more than 2,015 investors were duped of more than Rs 564 crore.
The EOW had alleged in its chargesheet that Dalal had used the funds to cover losses incurred by him in stock market trading instead of returning to the investors.
The ED alleged that the money was diverted through bank accounts of Dalal’s family members and funds were utilised for the purpose of buying property and investments in their names. The agency said that all these transactions were handled by Dalal and the family members were not aware of them.
The agency said that it wants to probe into who the end users of the invested funds were and also look into the properties purchased by Dalal in India and abroad.
Dalal’s lawyer said that he has been in custody since March in the EOW case and all the documents are already in possession of the investigating agencies.
Special Judge A C Daga said that since it prima facie appears that Dalal is the mastermind behind the offence and he himself has dealt with the proceeds of crime, his custodial interrogation is needed.
[The Indian Express]
