The ED has filed a charge sheet against the Ponzi scheme kingpin for defrauding investors of Rs 564 crore.
The Enforcement Directorate has filed a prosecution complaint (charge sheet) against chartered accountant Amber Dalal and others in connection with a Ponzi scheme that defrauded investors of over Rs 550 crore.
The large-scale funding fraud, amounting to Rs 564 crore, was orchestrated through Dalal's company, Ritz Consultancy Offerings.
The special PMA court docket acknowledged the charge sheet on january 24. The investigation by the Economic Probe Agency was initiated based on an FIR registered by the mumbai Police in march 2024.
Dalal was arrested on november 27, 2025, by the Enforcement Directorate (ED). He had previously been arrested in march 2024 by the mumbai Police.
What is the situation?
The criticism alleged that Amber Dalal amassed investments from over 2,000 individuals, promising returns of 1.5% to 1.8% per month through commodity trading. Dalal then diverted the funds for personal and unrelated purposes. The investigation revealed that Dalal was operating a Ponzi scheme, using new investments to pay returns to earlier investors. Funds collected from investors were funneled through multiple bank accounts belonging to Amber Dalal, his family members, and his friends, and were layered to disguise their origin. A significant portion of the funds was used to purchase properties in the names of family contributors. Additionally, Rs. 15.04 crore was diverted to a close acquaintance, rashmi Prasad.
The Enforcement Directorate (ED) has, to this point, attached assets worth Rs 67 crore, which includes one immovable property in Dubai, United Arab Emirates, belonging to Amber Dalal, his family members, and his associates. The attached assets consist of immovable properties, bank balances, demat holdings, insurance policies, and investments in alternative investment funds.
The ED has sought the confiscation of the attached assets. In addition, research is currently underway.
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