Mumbai, March 25 The Enforcement Directorate (ED) has provisionally attached immovable and movable assets worth approximately Rs 36.21 crore in connection with the money laundering case involving Amber Dalal and others.
According to information shared by the agency through a statement, the assets which have been provisionally attached include 10 immovable properties located in Mumbai and Kolkata, along with movable assets such as Fixed Deposit Receipts (FDRs), shares, Mutual Funds, and investments in Alternative Funds.
The agency had initiated its investigation, which was based on an FIR filed by the Mumbai Police against Amber Dalal, the proprietor of M/s Ritz Consultancy Services. In fact, Dalal is accused of running a Ponzi scheme under which investors were deceived as they were promised high returns through investments in commodity trading. After initially giving returns, Dalal allegedly absconded with the investors' money. The total funds raised by Amber Dalal are estimated to exceed Rs 600 crore from over 1,300 investors, said the ED statement.
According to the ED investigation, several individuals worked as commission agents, bringing in new clients to invest in Dalal's scheme. However, these agents failed to conduct any due diligence on the scheme and did not verify whether the raised funds were actually being invested in commodity trading. Despite lacking formal agreements with Ritz Consultancy Services, these agents received significant commissions from the investors' funds.
Further investigation revealed that Vinay Mohindar, through his entities, helped Amber Dalal park the funds raised from investors in foreign jurisdictions. Funds were transferred by Dalal’s foreign entities to those of Mohindar, disguised as sham transactions.
Amber Dalal was arrested during the investigation, and a Prosecution Complaint has been filed against him under the Prevention of Money Laundering Act (PMLA), 2002. To date, assets worth Rs 104.35 crore, including an immovable property in Dubai, have been attached and frozen in this case. Amber Dalal is currently in judicial custody, and legal proceedings are ongoing.
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