MUMBAI: The city's Economic Offenses Wing (EOW), probing an investment scam, has frozen more than 20 bank accounts of accused Ambar Dalal and his company Ritz Consultancy Services. Dalal is accused of collecting money from gullible investors and not paying out profits. While the fraud amount mentioned in the FIR was Rs 54.5 crore last week, investigators said on Thursday that more investors have come forward and the fraud amount has now crossed Rs 150 crore.
A Juhu-based fashion designer had lodged an FIR against Dalal (59) with the Oshiwara police on March 15. Dalal was booked for cheating and breach of trust under the IPC and also cited sections of the Maharashtra Protection of Interest of Depositors Act. The complainant had invested a total of Rs 54 lakh between April 2023 and March 2024.
The probe was later handed over to the EOW. “We have issued an LOC circular against Dalal,” an official said. A LOC is issued against an accused to prevent him from fleeing the country.
Dalal started the investment programs in 2010. He collected money from investors and assured a monthly return of 1.5% to 1.8%. He told investors that he was investing their money in commodities such as crude oil, zinc, copper, aluminum, lead, gold, silver, nickel and natural gas, police said.
Police said Dalal made profits on every 10th day of the month. However, in March he failed to make any profits and left his residence on the morning of March 14th. This led to an FIR against him. “So far, over 200 people have come to us with their complaints. “Looking at the scam, we estimate that more than 500 people would come to complain against Dalal,” an official said.
The EOW conducted searches at Dalal's residence and office premises in Oshiwara. After a panchnama, investigators seized two laptops, dozens of files and documents, a DVR etc. “We have written to banks to freeze more than 20 accounts of Dalal, a joint account with a family member and his company,” the official added. The police will now investigate how much money is in the blocked accounts and whether money was transferred to other accounts. The EOW is likely to inquire with SEBI whether Dalal's company has submitted its details to SEBI for executing an investment plan.
Investors included senior citizens, businessmen and several other professionals. On Thursday, many victims visited the EOW office and met police officials with their complaints.
A team led by Nishith Mishra, Jt CP (EOW), DCP Sangram Nishandar and senior inspector Sachin Kadam is investigating the case.
A Juhu-based fashion designer had lodged an FIR against Dalal (59) with the Oshiwara police on March 15. Dalal was booked for cheating and breach of trust under the IPC and also cited sections of the Maharashtra Protection of Interest of Depositors Act. The complainant had invested a total of Rs 54 lakh between April 2023 and March 2024.
The probe was later handed over to the EOW. “We have issued an LOC circular against Dalal,” an official said. A LOC is issued against an accused to prevent him from fleeing the country.
Dalal started the investment programs in 2010. He collected money from investors and assured a monthly return of 1.5% to 1.8%. He told investors that he was investing their money in commodities such as crude oil, zinc, copper, aluminum, lead, gold, silver, nickel and natural gas, police said.
Police said Dalal made profits on every 10th day of the month. However, in March he failed to make any profits and left his residence on the morning of March 14th. This led to an FIR against him. “So far, over 200 people have come to us with their complaints. “Looking at the scam, we estimate that more than 500 people would come to complain against Dalal,” an official said.
The EOW conducted searches at Dalal's residence and office premises in Oshiwara. After a panchnama, investigators seized two laptops, dozens of files and documents, a DVR etc. “We have written to banks to freeze more than 20 accounts of Dalal, a joint account with a family member and his company,” the official added. The police will now investigate how much money is in the blocked accounts and whether money was transferred to other accounts. The EOW is likely to inquire with SEBI whether Dalal's company has submitted its details to SEBI for executing an investment plan.
Investors included senior citizens, businessmen and several other professionals. On Thursday, many victims visited the EOW office and met police officials with their complaints.
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