Rs 37 Crore Deposits, Cash Seized In Raids Against Mumbai-Based Ponzi Company
NDTV
A Mumbai-based financial consultant and his company have allegedly duped investors of Rs 600 crore through a Ponzi scheme.
Bank and demat account deposits apart from cash worth about Rs 37 crore has been seized by the Enforcement Directorate (ED) as part of a money laundering probe against a Mumbai-based financial consultant and his company who are alleged to have duped investors of Rs 600 crore through a Ponzi scheme.
The federal agency said on Sunday that the action was undertaken after carrying out raids in the metropolitan city on June 21 against Amber Dalal and his company Ritz Consultancy Services.
The Enforcement Directorate case of money laundering stems from a Mumbai Police FIR that charged the Chartered Accountant and his company with taking money from investors through a "suspected Ponzi scheme that promised high returns." Dalal "absconded" with this money after giving initial returns. It has been gathered that Dalal raised more than Rs 600 crore from 1,300 investors, the ED said in a statement.
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