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Chartered accountant Amber Dalal, who was arrested last year for alleged investment fraud of Rs 564 crore, operated 42 bank accounts opened in the name of his family members. The Enforcement Directorate (ED) submitted a chargesheet against CA and financial consultant Amber Dalal and associate Rashmi Prasad for alleged fraud through Ritz Consultancy Services last week.
Also, an FIR was filed by Oshiwara Police last March, accusing Dalal of allegedly doing fraud of 564 crores from 2000 investors through a Ponzi arrangement. The ED submitted its prosecution complaint against Dalal and his associate Rashmi Prasad last week. Special PMLA judge AC Daga accepted the complaint, observing: “Both accused persons appear to be involved in this money laundering case and ultimately tried to make illegal money."
ED claimed that Dalal promised the investors their monthly returns of around 1.5% to 1.8%. He allegedly used these diverted funds for personal use and Rs 15.04 crore was transferred to associate Rashmi Prasad, these funds were distributed through many bank accounts.
ED prosecutor Arvind A Aghav pointed out that although Dalal collected funds from investors, he was neither a registered broker / sub-broker registered with the SEBI nor authorized to accept investments. He further said that Dalal used funds collected from investors to cover his losses in stock market trading.
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