Investment consultant absconds with more than Rs 200 crore

A massive financial investment scam has shaken Oshiwara, with an estimated value exceeding Rs 200 crore. This has prompted numerous FIRs against the alleged perpetrator, Ambar Dalal, who is presently evading authorities. Residents, falling prey to the scheme, demand swift justice. According to one victim, the enticing investment scheme initially promised substantial returns, enticing unsuspecting residents. “However, it gradually became apparent that it was merely a ploy to defraud us,” remarked one affected individual. Many victims have lodged FIRs against Dalal at the Oshiwara police station, urging authorities to expedite action against the scammer. Another investor residing in Dalal’s building alleged that over 400 residents had been duped, with cumulative losses exceeding Rs 200 crore. This figure is expected to rise as more investors step forward to file complaints. Despite Dalal being on the run, his family remains at their residence. Investors recount promises of annual returns ranging from 18 to 25 percent, indicating that they had enjoyed favorable returns during the COVID period, but are now uncertain about their investments.

Meanwhile, investor Saumya Parmar took to Twitter, seeking assistance in locating Dalal, the proprietor of Ritz Consultancy, a Mumbai-based private investment firm. Dalal has been missing since March 14, with investments exceeding Rs 1,000 crore from over 500 investors across India and abroad.

DCP Raj Tilak Roushan (Zone IX) informed mid-day that 56 investors have lodged FIRs against the alleged scammer thus far, with expectations of a substantial increase in victims as the investigation progresses. The total amount implicated in the alleged scam currently stands at Rs 54 crore, with projections of a significant rise in the near future.