Enforcement Directorate seizes ₹37 crore worth deposits, cash in Ponzi case

Bank and demat account deposits apart from cash worth about ₹37 crore has been seized by the Enforcement Directorate (ED) as part of a money-laundering probe against a Mumbai-based financial consultant and his company who are alleged to have duped investors of ₹600 crore through a Ponzi scheme.

The federal agency said on June 23 that the action was undertaken after carrying out raids in the metropolitan city on June 21 against Amber Dalal and his company Ritz Consultancy Services.

The Enforcement Directorate case of money-laundering stems from a MumbaiMumbaiMumbai Police FIR that charged the Chartered Accountant and his company with taking money from investors through a "suspected Ponzi scheme that promised high returns."