In a shocking development, CA Ambar Dalal of Ritz Consultancy has absconded, leaving hundreds of investors in turmoil as a Ponzi fraud exceeding Rs 1000 crores surfaces.
The scam, involving over 900 investors, unfolded after an FIR was filed against Dalal for luring investors with promises of a 2% monthly return and capital safety guarantees. Concerns arose when investors didn’t receive their March payments, prompting inquiries and revealing Dalal’s disappearance since March 14th.
Investigation and Legal Actions Unveiled
Following the discovery of the fraud, the case was reported to the Oshiwara Police Station, and an FIR was filed against Ambar Dalal on March 15th, 2024. The Oshiwara Police initiated legal proceedings against Dalal under Sections 420, 406, and 409 of the Indian Penal Code (IPC), along with Sections 3 and 4 of the Maharashtra Protection of Interest of Depositors (In Financial Establishments) Act, 1999. Sr PI Mohan Patil is leading the investigation into the matter, which has sent shockwaves through Mumbai’s financial community.
