Man Who Duped More Than 600 Investors To The Tune Of Rs 380 Crore Nabbed In Uttarakhand

Mumbai: A man who allegedly duped more than 600 investors to the tune of Rs 380 crore by promising them attractive returns on their investment in Mumbai has been arrested from Uttarakhand, police said on Wednesday.

The accused, Amber Dalal, was apprehended from Tapovan, a popular tourist spot in Uttarakhand, by a team of the Mumbai police's Economic Offences Wing (EOW) on Tuesday, an official said.

The 59-year-old, who was on the run after cheating investors, was brought to Mumbai and placed under arrest after interrogation, he said.

Dalal had promised 1.6 per cent to 1.8 per cent monthly returns to investors on investment through his company, Ritz Consultancy Services, the official said.

He told investors he is putting their money in commodities, the official said.

Initially, he gave promised returns to some of the investors but later stopped doing so. A group of 56 aggrieved investors approached the police, he said and pegged the money lost in the scam at Rs 380 crore.

A case of cheating and criminal breach of trust was registered against Dalal at the Oshiwara police station and the probe was handed over to the EOW, which tracked him down to Uttarakhand, the official said.

Relevant sections of the Maharashtra Protection of Interest of Depositors Act (MPID Act) were also invoked against the accused in the FIR, he said.

Post-arrest, Dalal was produced before a Mumbai court, which sent him in police custody till April 1, the official said.