Economic Fraud
Mumbai CA Laundered Rs 564 Crore Through 42 Bank Accounts: ED
Mumbai: The Enforcement Directorate (ED) has revealed that chartered accountant Amber Dalal, arrested last year in a ₹564 crore investment fraud case, operated 42 bank accounts under the names of his family members to launder investor funds. The findings were part of the agency’s prosecution complaint submitted against Dalal and his associate Rashmi Prasad.
A special PMLA court, presided over by Judge A.C. Daga, accepted the complaint, stating, “Both accused persons appear to be involved in the process of money laundering and attempted to legitimize tainted money.”
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Dalal, proprietor of Ritz Consultancy Services, allegedly lured over 2,000 investors by falsely claiming to invest in arbitrage and the commodity market, promising them monthly returns of 1.5% to 1.8%. Instead, the ED claims, he diverted the funds for personal use, routed them through multiple accounts, and layered transactions to obscure their origins. The agency identified 42 such accounts linked to Dalal, his family, and associates. A substantial portion of the misappropriated funds was allegedly used to acquire properties in family members’ names, while Rs 15.04 crore was transferred to Prasad.
ED prosecutor Arvind A. Aghav highlighted that Dalal was neither a SEBI-registered broker nor authorized to accept investments. Despite this, he collected funds and used them to offset stock market losses. To reassure investors, Dalal allegedly issued undated cheques matching their investment amounts, promising their capital was secure and could be withdrawn at any time.
The investigation into the large-scale fraud and money laundering operation continues.
