India, Jan. 29 -- The Enforcement Directorate (ED) has submitted its charge-sheet against Amber Dalal, owner of Ritz Consultancy Services, who allegedly defrauded investors of Rs.564 crore through his company by running a Ponzi scheme and using new investments to pay returns to earlier investors. The accused is presently in judicial custody.

ED initiated its investigation based on a First Information Report (FIR) registered by the Oshiwara police station, on March 15, 2024, which was later transferred to the Economic Offences Wing (EOW) of the Mumbai police.

The probe found that Dalal collected investments from over 2,000 individuals in the name of commodity trading, promising returns of between 1.5-1.8% per month, although he was neith...