The Mumbai zonal office of the Enforcement Directorate (ED) has conducted search operations on September 3, 2024, under the Prevention of Money Laundering Act (PMLA), 2002 at various locations in Mumbai and Kolkata, an ED official said in a press statement on Thursday (September 5, 2024) evening.
The search operations were conducted as part of an ongoing probe in Amber Dalal case. During the search operations, movable assets such as, cash, bank funds, demat account holdings to the tune of ₹2 crore have been frozen and various incriminating documents including property documents related to an immovable property in Dubai, digital devices have been found and seized.
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“The ED team has initiated the investigation on the basis of an F.I.R. registered by Mumbai Police against Amber Dalal, proprietor of M/s Ritz Consultancy Services,” an ED official said.
Amber Dalal is accused of taking money from investors through a suspected ponzi by promising high returns and then absconded with their money after giving initial returns. Through investigation, it has been gathered that the amount of money raised by Amber Dalal is more than ₹600 crore from 1300 investors. He was arrested by the Economic Offences Wing, Mumbai Police and is presently under judicial custody.
“ED investigation revealed that Amber Dalal raised money from investors on the pretext that he invested the funds in 9 commodities such as, gold, silver, crude oil, natural gas, zinc, lead, nickel, copper, aluminum and traded in them, ensuring the capital is safe and promising an annual return of 18%- 22% to his investors. Further, it has been gathered that using the same modus operandi, he raised money from investors in UAE and USA as well,” an ED official said.
The search operations unveiled a network of entry operators who channelised the cash raised by Amber Dalal by providing accommodation entries in his bank account. It is also found that payment received from new investment were being utilised to pay out the monthly returns to the old investors. It has further been revealed that Amber Dalal infused the money received from duped investors into the accounts of his associates which was further used for trading in the stock market.
“These associates have utilised the funds given by Amber Dalal to acquire properties in India and abroad. Four such immovable properties in India including one in Dubai have been identified. Total freezing in this case till date is approximately ₹39 Crore. Further investigation is under progress,” the ED officials said.
Published - September 06, 2024 09:34 am IST
