Mumbai-based investment consultant flees with crores of investors’ money: Report

livemint.com:

Hindustan Times on Sunday. The investment consultant named Ambar Dalal has been booked by the Oshiwara police for cheating. According to the report citing the police, so far 55 investors with a collective loss of ₹54 crore had come forward, but they suspected it could be a ponzi scheme involving a much higher amount.

On Friday¸ several investors thronged the Oshiwara police station after they found that chartered accountant Ambar Dalal had gone missing. He had allegedly lured investors with the promise of up to 2 per cent return on investment per month through his firm Ritz Consultancy. The returns were received regularly till February on the tenth of every month, claimed the investors.

“The payment due for March was not given to any of the investors," said an official from the Oshiwara police, as per the report. “They then started asking Dalal about it. He first skirted the issue saying he was busy attending to his sick wife.

When some investors started landing up at his office, he promised to make all the payments by Thursday, March 14." After Dalal failed to pay dues to investors on Thursday, some of them went to his residence in Oshiwara, where they were told by his family members that he was untraceable. “Some of us have even written to the Mumbai police’s Economic Offences Wing to take up the matter," said an investor, as per the report. “We suspect that at least a hundred investors were subscribed to his services, with the total investment amount being ₹1,100 crores.

We also suspect that Dalal will try to flee the country." Himalayan Origins co-founder Soumya Parmar also started a campaign on X, saying “Please help locate Mr Amber Dalal. Owner of a private investment firm in Mumbai called Ritz Consultancy. He’s