ED claims CA Amber Dalal, arrested in investment fraud, used funds to buy properties, cover losses

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amber dalal ED Dalal was arrested connected November 27, 2024, by ED pursuing his apprehension successful March 2024 by the Mumbai police. (File Photo)

The Enforcement Directorate (ED) has claimed that chartered accountant Amber Dalal, arrested successful an alleged concern fraud, utilized investors’ wealth to screen losses incurred by him successful banal marketplace trading, paying recognition paper bills, and buying properties, including 1 successful Dubai adjacent Burj Khalifa.

Dalal was arrested connected November 27, 2024, by ED pursuing his apprehension successful March 2024 by the Mumbai police. ED has claimed that Dalal operated a Ponzi scheme, wherever lone a tiny percent of the investors’ funds were utilized for concern oregon trading and aged investors were being paid utilizing funds from caller investments.

Earlier this month, ED filed its prosecution ailment (chargesheet) against Dalal and an acquaintance Rashmi Prasad. The Central bureau has claimed that the proceeds of transgression successful the lawsuit are to the tune of Rs 564 crore, layered successful assorted slope accounts and entities belonging to Dalal oregon his family.

ED has alleged that Dalal collected investments done his steadfast Ritz Consultancy Services, from implicit 2,000 people, promising returns of 1.5-1.8 per cent per period by trading successful 9 commodities similar gold, silver, crude oil, earthy gas, lead, and aluminum. He alternatively diverted the funds for his idiosyncratic and unrelated uses, ED has claimed.

ED has attached assets valued astatine astir Rs 67 crore, including immovable properties, slope accounts, and security policies. The bureau has besides claimed that determination are much than 42 slope accounts of Dalal and his household which were utilized to furniture the funds collected from investors.

“Considering the relation of some the accused persons and their engagement successful the crime, it has been prima facie brought connected grounds that the accused persons are progressive successful generating proceeds of crime, projecting it and claiming it arsenic untainted amount,” Special Judge A C Daga said successful an bid passed connected January 24, issuing announcement to Dalal and Prasad.

ED claimed that investors were provided with an undated cheque for their invested amount, promising them that their superior was harmless and the magnitude could beryllium redeemed whenever they wanted. The returns were regularly fixed till February 2024 aft which Dalal absconded successful March, ED has claimed. Of the diverted funds, a spot of Rs 4.19 crore was purchased successful Dubai.

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The bureau has besides added details from his trading accounts, claiming that helium incurred losses of Rs 80 crore. Statements of his household members amusement that Dalal operated each transactions and accounts.

Dalal is successful judicial custody and has denied immoderate wrongdoing.

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