CA booked for cheating people through Rs 54.4 cr Ponzi scheme

According to police, a case has been filed against a Chartered Accountant who is headquartered in Mumbai for allegedly defrauding individuals of Rs. 54.4 crore through a Ponzi scheme.

The Indian Penal Code‘s sections 420 (cheating), 406 (criminal breach of trust), 409 (criminal breach of trust by a public servant, banker, merchant, or agent), and other pertinent provisions were the basis for the Oshiwara police’s filing of a first information report against chartered accountant Amber Dalal on Friday, according to an official.

According to the official, Dalal, who was running his business out of a rented space in Andheri, closed his office and has been evading capture for the past two days.

Police claim that the defendants enticed investors with a legal guarantee of capital safety and a 2 percent monthly return.

He said that the accused further stated that he was registered with foreign brokers for the same.

The deception was discovered, according to the official, after investors did not receive their money for this month and Dalal’s family notified them that he had not been seen for the previous two days, filing a missing person’s complaint with the Oshiwara police station.

According to one of the victims, some investors also intend to contact the crime branch’s Economic Offenses Wing (EOW).