Investment consultant goes missing with crores of investors’ money
Andheri-based investment consultant Ambar Dalal booked for cheating after allegedly running away with ₹54 crore of investors' money in a suspected ponzi scheme.
MUMBAI: After an Andheri-based investment consultant ran away, allegedly with crores of unpaid dues of investors, the Oshiwara police have booked him for cheating. The police said that so far 55 investors with a collective loss of ₹54 crore had come forward, but they suspected it could be a ponzi scheme involving a much higher amount.
Many of the investors thronged the Oshiwara police station on Friday after they found that the accused Ambar Dalal had gone missing. They claimed that through his firm Ritz Consultancy, he had lured many investors with the promise of up to 2% return on investment per month. The investors said the returns were received regularly till February on the tenth of each month.
“The payment due for March was not given to any of the investors,” said an official from the Oshiwara police. “They then started asking Dalal about it. He first skirted the issue saying he was busy attending to his sick wife. When some investors started landing up at his office, he promised to make all the payments by Thursday, March 14.”
After not receiving their dues on Thursday, some of the investors went to Dalal’s residence in Oshiwara, where they were told by family members that he was untraceable. Worried about the accused fleeing the country, the investors went to Oshiwara police station and urged the police to register their complaint immediately.
“Some of us have even written to the Mumbai police’s Economic Offences Wing to take up the matter,” said an investor. “We suspect that at least a hundred investors were subscribed to his services, with the total investment amount being ₹1,100 crores. We also suspect that Dalal will try to flee the country.”
Some individuals like Soumya Parmar, co-founder of Himalayan Origins, also started a campaign on X, formerly Twitter. “Please help locate Mr Amber Dalal. Owner of a private investment firm in Mumbai called Ritz Consultancy. He’s missing since 14th March 24. Over 1000 crores are invested by over 500 investors across India/abroad. He’s on the run,” she said in her post.
Parmar also said that Dalal’s car was seen crossing Dahisar. “Possibly heading to Gujarat. He’s got investment companies in US and Dubai,” said the post.
Raj Tilak Roshan, deputy commissioner of police, Zone 9, confirmed that Dalal had been booked under Sections 406 (criminal breach of trust), 409 (criminal breach of trust by a merchant or broker) and 420 (cheating) of the Indian Penal Code. “We have initiated the investigation on both the financial fraud and the missing accused,” he said.