July 17, 2024

CA Amber Dalal Allegedly Defrauds 2000 Investors of Rs 1,100 crore

The Economic Offense Wing (EOW) reported on Friday that they had lodged a voluminous 44,000-page chargesheet against Dalal in a special Maharashtra court for Protection of Interest of Depositors (MPID). This enormous document was transported to the Fort court from the Mazgaon office of the EOW in six trunks within a different vehicle.

The police have compiled and examined accounts of several witnesses, including the employees of Dalal’s enterprise, Ritz Consultancy Services.

The document’s size can be attributed to the extensive details included in all investment transactions associated with Dalal’s accounts. The police have supplemented the chargesheet with a preliminary audit report from a forensic auditor, pending a final report. They are considering filing a supplementary chargesheet against Dalal if the final audit report justifies it.

Dalal allegedly swindled investors by presenting a plan of risk-free commodity trading that promised 1.5 to 1.8 percent monthly returns on investments. The 59-year-old resident of Oshiwara stopped all payments to his investors in February this year and disappeared thereafter.

Finally, after evading the police for almost two weeks, Dalal was arrested from a hotel in Uttarakhand’s Rishikesh on March 26.

The EOW located properties owned by Dalal estimated only at around Rs 17 crore. These assets are set to be auctioned in order to reimburse the duped investors. The properties include Dalal’s existing house in Oshiwara, where his family still resides, two construction-in-progress flats in Goregaon, two vehicles, gold jewelry worth Rs 28 lakh, and a plot of land in Thane.

Additional details about Dalal’s holdings, if discovered, will result in supplementary chargesheets. He is currently being held in judicial custody, following charges under the IPC and MPID Act for fraud, breach of trust among others. Sachin Kadam, alongside his team from EOW unit-12, operated under the guidance of senior officers to investigate and complete the chargesheet.

### Frequently Asked Questions
**Q1: What was Dalal’s scheme for defrauding investors?**

Dalal persuaded investors to park their money in a supposed risk-free commodity trading venture which promised 1.5 to 1.8 percent monthly returns.

**Q2: What will happen to Dalal’s assets?**

Identified assets of Dalal, which are currently estimated to be worth Rs 17 crore, will be attached as part of the legal procedure. They will be auctioned off under the court’s surveillance to recover the money lost by investors.

**Q3: What are the charges against Dalal?**

Dalal has been charged under certain sections of the IPC and MPID Act, including cheating, criminal breach of trust, and investment fraud.