Jan 29, Friday, 2025: The Enforcement Directorate (ED) has filed a prosecution complaint against charted accountant Amber Dalal. It accused him of running a Ponzi scheme that defrauded investors of over Rs.564 Crore.
As of January 29, Dalal was in judicial custody and the ED had provisionally attached assets worth around Rs 67 crore. The special PMLA court took note of the chargesheet on January 24. The investigation by the financial probe agency was initiated based on an FIR registered by Mumbai Police in March 2024.
Dalal was arrested in November 2024 by the ED after being arrested in March 2024 by Mumbai police.
The ED’s investigation revealed that Dalal collected investments from over 2,000 individuals, promising returns of 1.5% to 1.8% per month through commodity trading. He instead diverted the funds for personal and unrelated uses by trading in nine commodities like gold, silver, crude oil, natural gas, lead, and aluminum.
The ED alleged that Dalal operated a Ponzi scheme, using new investments to pay returns to earlier investors. The funds were routed through multiple bank accounts belonging to him, his family members, and associates to disguise their origin.
A significant portion of the funds was used to purchase properties in the name of family members, while Rs 15.04 crore was diverted to a close acquaintance, Rashmi Prasad. Until now the ED has attached assets to the tune of Rs 67 crore, including immovable property in Dubai, United Arab Emirates belonging to Amber Dalal, his family, and his associates. Further investigation is underway.
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