Mumbai: The Enforcement Directorate (ED) has seized assets valued at Rs 36.2 crore belonging to Amber Dalal and his associates, consisting of 10 properties situated in Mumbai and Kolkata, alongside movable assets, including FDRs, shares, Mutual Funds, and Alternative Funds investments. The proprietor of Ritz Consultancy Services, Amber Dalal, is accused of fraudulently accumulating over Rs 600 crore from 1,300 investors by making false promises of high returns.
According to the ED, several individuals functioned as commission agents to recruit new clients for Amber Dalal’s Ritz Consultancy Services. These agents failed to perform necessary due diligence regarding the scheme operated by Amber Dalal. They neglected to verify if investor funds were actually being utilised in commodity trading. The ED stated, “These agents did not have any agreements for referring clients, and yet they received a huge part of investors’ fund as commission from Ritz Consultancy Services. Thus, the commission agents enjoyed the commission without conducting any due diligence and enriched themselves at the expense of investors.” — Vijay V Singh
Mumbai: The Enforcement Directorate (ED) has seized assets valued at Rs 36.2 crore belonging to Amber Dalal and his associates, consisting of 10 properties situated in Mumbai and Kolkata, alongside movable assets, including FDRs, shares, Mutual Funds, and Alternative Funds investments. The proprietor of Ritz Consultancy Services, Amber Dalal, is accused of fraudulently accumulating over Rs 600 crore from 1,300 investors by making false promises of high returns.
According to the ED, several individuals functioned as commission agents to recruit new clients for Amber Dalal’s Ritz Consultancy Services. These agents failed to perform necessary due diligence regarding the scheme operated by Amber Dalal. They neglected to verify if investor funds were actually being utilised in commodity trading. The ED stated, “These agents did not have any agreements for referring clients, and yet they received a huge part of investors’ fund as commission from Ritz Consultancy Services. Thus, the commission agents enjoyed the commission without conducting any due diligence and enriched themselves at the expense of investors.” — Vijay V Singh