Mumbai police arrested chartered accountant Amber Dalal for allegedly running a Ponzi scheme, defrauding over 1,000 investors of Rs 380 crore.

Mumbai police arrested chartered accountant Amber Dalal for allegedly running a massive Ponzi scheme, swindling hundreds of crores of rupees from over 1,000 investors in India and abroad. Dalal's Ritz Consultancy Services Company promised 1.5-1.8% monthly returns, but defaulted on payments from March 2024. Over 600 investors alleged they were defrauded out of more than Rs 380 crore. Dalal has been arrested under sections of the Indian Penal Code and Maharashtra Protection of Interest of Depositors Act, with police freezing related bank accounts in an attempt to recover funds.

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