ED probe into Amber Dalal case uncovers alleged role of over 20 commission agents

MUMBAI: In a fresh development in the Amber Dalal money-laundering case, the Enforcement Directorate (ED) has uncovered the alleged involvement of more than 20 commission agents who solicited investors for Dalal’s firm without conducting any due diligence.

Amber Dalal, a Mumbai-based consultant and proprietor of M/s Ritz Consultancy Services, is accused of orchestrating a massive investment fraud, suspected to be a Ponzi scheme. Dalal allegedly raised over ₹600 crore from around 1,300 investors by promising high returns through commodity trading. However, investigators claim that the funds were neither invested as promised nor managed transparently. Instead, initial returns were paid out to lure more investors, while large sums were siphoned off. Following complaints from investors, the Mumbai Police registered a case against Dalal, prompting the ED to launch a parallel money-laundering investigation.

The ED’s Mumbai unit has found that multiple individuals acted as commission agents, bringing new clients to M/s Ritz Consultancy Services. According to ED sources, these agents failed to verify the legitimacy of the investment schemes and had no formal agreements or Memoranda of Understanding (MoUs) with Dalal’s firm. Despite this, they allegedly earned significant commissions from the investors’ contributions.

“The probe has identified 20 such commission agents so far, though the number could be higher. Investigations are ongoing,” an ED official said. “These agents enjoyed substantial commissions without ensuring basic due diligence, thereby enriching themselves at the cost of unsuspecting investors.”

As part of the ongoing investigation, the ED has attached the commissions earned by several agents.

Earlier this year, the ED provisionally attached assets worth ₹22.86 crore belonging to Dalal, his family members, and an alleged accomplice. These assets included land parcels and residential flats in Mumbai and Thane, insurance policies, and investments. Additionally, a flat in Dubai linked to the accomplice, valued at approximately ₹4.95 crore, was also attached.

The ED’s investigation suggests that Dalal used a portion of the investors’ funds to purchase properties and diverted funds to multiple individuals. It was further revealed that funds were used to pay ‘returns’ to earlier investors — a hallmark of Ponzi-style operations — rather than genuine investments in commodity trading.

So far, the total value of assets frozen or attached in the case stands at approximately ₹67 crore.