New Delhi [India], March 25 (ANI): The Enforcement Directorate (ED) has attached assets worth approximately Rs 36.21 crore in connection with the case against chartered accountant Amber Dalal and others in a money laundering case, the agency said on Tuesday.
As per the ED, the attached properties include 10 immovable assets located in Mumbai and Kolkata, along with movable assets in the form of fixed deposits, shares, mutual funds, and investments in alternative funds.
The ED’s Mumbai Zonal Office executed the attachment on March 21 as part of its ongoing investigation into the financial irregularities linked to the accused under the Prevention of Money Laundering Act (PMLA), 2002.
ED initiated an investigation based on the First Information Report registered by the Mumbai Police against Amber Dalal, proprietor of Ritz Consultancy Services. Amber Dalal is accused of taking money from investors through a Ponzi scheme by promising high returns and investments in commodity trading and then absconding with their money after giving initial returns.
“It has been gathered that the amount of money raised by Amber Dalal is more than Rs 600 crore from 1,300 investors,” the ED said in a statement.
ED investigation revealed that various individuals were working as commission agents to solicit new clients for Amber Dalal’s investment in Ritz Consultancy Services.
“These agents did not conduct any due diligence about the scheme being run by Amber Dalal. The commission agents did not verify whether the funds raised from the investors were actually being invested in commodity trading. These agents did not have any MOUs or agreements for referring clients, and yet they received a huge part of investors’ funds 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,” said the ED.
Further, the federal agency said that an investigation revealed that Vinay Mohindar, through his entities, helped Amber Dalal park the funds raised from the investors in foreign jurisdictions.
“Investor’s funds have been transferred by foreign-based entity of Amber Dalal to the foreign-based entities of Vinay Mohindar in the guise of sham transactions,” the ED said.
ED further said that Amber Dalal was arrested during the investigation, and a Prosecution Complaint has been filed under the provisions of the PMLA, 2002.
“Properties amounting to the tune of approximately Rs 104.35 crore, including an immovable property in Dubai, has been attached and frozen in the case till date,” the agency said.
Amber Dalal is currently in judicial custody, and further legal proceedings are underway. (ANI)
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