Saying they made wire transfers to US banks, America-based investors in Oshiwara man’s ponzi scheme seek top agencies’ intervention
International agencies will have to seek Dalal’s extradition, which can only happen after the trial is concluded in India. Representation pic; (right) Amber Dalal swindled hundreds of crores from over 1,000 investors
From investing money for child education to taking care of their retirement requirement (the retirement age in the US is 65 years), most of the investors from the USA have now written emails complaining to the FBI (Federal Bureau of Investigation) and Securities and Exchange Commission (SEC) US, about Amber Dalal and his investment schemes.
Complaints have also been made to various state Attorney General offices in Delaware and California, USA. However, they are still clueless about the investigation progress, if at all by the FBI.
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Representatives from Dalal’s company M/s Ritz have been unreachable via phone or email. Representation pic
Online complaint to FBI
One of the investors based in the USA, in his complaint to the FBI and SEC, stated, “Along with other investors, I made wire transfers to US banks to deposit funds into the investment scheme. Payments were regularly processed through the Fund’s US accounts to our respective US bank accounts until March when they abruptly ceased. Despite repeated attempts since March 13, representatives from Ritz have been unreachable via phone or email. Media reports indicate that criminal charges have been filed against Dalal, the Fund’s management. Consequently, investors, including myself, have not received distributions for the past month, and it seems evident that the fund operated as a Ponzi scheme.”
Various banks
Throughout the Fund’s life, various US banks were used for deposits these banks include Fulton Bank, Chase Bank, TD Bank, Bank of America, and Citibank. We also have information that the Chase bank account was closed and began operating Fulton Bank in January 2024.
Amber Dalal
“Accordingly, no investor has been able to speak with the Fund’s management and payments have stopped. We plan to retain counsel in the coming days to recover any available assets. Please investigate and freeze the Fund’s assets to protect investors’ and creditors’ rights and interests,” the complaint read.
Freeze American assets
“Our aim is to freeze any US assets linked to the Fund and recoup our capital in future actions against Ritz or other viable parties. It’s uncertain if the Fund’s assets in banks and brokerages are frozen, as confirmation hasn’t been obtained yet. We’ve reached out to the SEC, FBI, and state AG offices in Delaware and California. The FBI typically doesn’t disclose investigation statuses, leaving us in the dark about frozen accounts,” said the investor in his email response.
Other investors cry foul
“I invested heavily with Amber Dalal based on others’ recommendations, receiving consistent but irregular payouts over the years. I had hoped to retire soon, relying on these payments, but now I must work for 5-10 more years to ensure financial stability. This delay affects my family’s well-being and our health, and we’re seeking to recover some of our investments,” said an investor based in the New York area.
‘File complaints’
While the EOW of the Mumbai police urges investors to file complaints against Amber Dalal some investors have still not. Despite collective investments worth crores, many investors, along with their immediate family, haven’t lodged complaints yet. “The monthly dividends from Amber, crucial for many, including elders, retired individuals, and single mothers, have been delayed since January 2024, with payments halted entirely from March onwards. This has caused severe financial distress,” said an investor.
Legal expert
“Considering he has been arrested by EOW, he will first face trial in India and the international agencies will have to seek his extradition, which can only happen after the trial is concluded in India. While the investigation continues and the trial commences in India, nothing bars the international agencies from seeking the permission of the court to attend the hearing as watching counsels through their Indian lawyers for maintaining a record of the progress in the matter,” said Zulfiquar Memon, managing partner, MZM Legal LLP.
Other cases
Investment made in son’s name
An investor who invested in their son’s name, as the son was facing medical issues, is now struggling to retrieve the investment from Dalal after the son’s passing last year.
Medical issue had to stop work
There is an investor who has medical issues and had to stop work. They put all their life savings in with Dalal and now they are broke.
Kids’ education
Some families invested money with Amber Dalal to pay for their kids’ education, but now all that is gone. How do you tell your kids that they cannot go to a university of their choice as all money is gone
Family support
One young investor put in all her life savings with Amber and now is broke. Fortunately, she has a family who can take care of her.
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