Mumbai: Investment consultant allegedly duped investors of Rs 54 cr by promising 2% return per month

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A Mumbai-based investment consultant was booked for allegedly cheating investors of Rs 54 crore. Amber Dalal, against whom the FIR has reportedly been filed in Mumbai, ran a consultancy firm Ritz Consultancy that promised a 2% per month return on investments.

According to the police, 55 investors have reported that they were scammed by Dalal. However, the police believe it could be a ponzi scheme and it might involve a much bigger amount, reported Indian Express on March 18.

Investors claimed that they received the returns regularly on time till February. But the payment due for March was not sent to anyone. That’s when the alarm bells starting ringing. Initially, Dalal said he was attending his sick wife and therefore could not make the payment. He promised that he will pay the investors by March 14. However, when the payment did not materialise, some of the investors went to his Oshiwara residence. Failing to find him, investors filed a case of cheating. Many suspect he could flee the country.

Soumya Parmar, the co-founder of Himalayan Origins, asked for help on X platform (formerly Twitter). “Please help locate Mr Amber Dalal. Owner of a private investment firm in Mumbai called Ritz Consultancy. He’s missing since 14th March 24. Over 1000 crores are invested by over 500 investors across India/abroad. He’s on the run," she wrote on X.

Parmar also claimed that Dalal's car was last seen crossing Dahisar, which could mean he is possibly heading to Gujarat.

According an X user, Dalal had promised at least 22% annual return with the safety of capital. Over 1,000 people might have invested in the scheme, Nishant Batra CWM (@stepbystep888) claimed on X.