Ponzi Scam Raises Rs 600 crore from Investors, Mastermind in Judicial Custody

The Mumbai Police had conducted a preliminary investigation against Dalal. Based on that, the Enforcement Directorate (EA) launched further investigation. Authorities accused Dalal of using a Ponzi scheme to dupe investors by falsely claiming that trading in commodities would bring lucrative returns, but flee after paying the initial returns.

Multiple individuals helped the suspect and his company lure investors as commission agents without fully understanding the business conducted by Dalal. They did not know whether the clients' funds were involved in real trading, and they did not sign any agreement to refer clients, yet the commissions they received came from the defrauded clients.

The Enforcement Directorate said, “The commission agents enjoyed the commission without conducting any due diligence and enriched themselves at the expense of investors.”

A man named Vinay Mohindar helped Dalal deposit client funds overseas through entities he controlled.

According to local reports, more than 1,300 investors transferred over Rs 600 crore to Dalal.

Dalal's seized assets include immovable properties in Mumbai and Kolkata, as well as fixed deposits, shares, mutual funds and other types of movable assets. Meanwhile, Dalal is in judicial custody.

So far, assets worth about Rs 104.35 crore have been seized or frozen by the authorities.