Sunday | Mar 30 2025 | 03:18:56 AM
New Delhi, March 26
The Enforcement Directorate (ED) has attached immovable and movable properties worth Rs 36.21 crore in connection with the money laundering case involving city-based Chartered Accountant (CA) and consultant Amber Dalal, who is accused duping 2009 investors to the tune of Rs 1,100 crore.
With the latest attachment, the central agency’s total attachment in the case has reached Rs 104.35 crore, ED informed.
The ED provisionally attached 10 immovable properties situated in Mumbai and Kolkata and movable properties in the form of FDRs (Fixed Deposits Receipts), shares, mutual funds, investment in Alternative Funds belonging to various persons.
The action was connected under the provisions of Prevention of Money Laundering Act (PMLA), 2002.
The ED action began after it launched a money laundering case based on the predicate offence registered against him by Mumbai police. Dalal is accused of accepting money from investors through a ponzi scheme by promising lucrative returns, investments in commodity trading, and then absconded with their money after giving initial returns.
ED probe stated that carious individuals were working as commission agents for soliciting new clients for Amber Dalal for investment in M/s 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 any of the agreements for referring clients and yet they received a huge part of investors’ funds as commission from M/s Ritz Consultancy Services. Thus, the commission agents enjoyed the commission without conducting any due diligence and enriched themselves at the expense of investors, officials added.
The officials further stated that during the investigation, name of one Vinay Mohindar surfaced who allegedly helped Dalal through his entities in parking the funds raised from the investors in foreign jurisdictions. Investors’ funds were transferred by foreign-based entity of Dalal to the foreign based entities of Vinay Mohindar in the guise of sham transactions, the central agency stated. The ED has already filed a Prosecution Complaint (equivalent to chargesheet) against Dalal, who is in judicial custody.
