Mumbai: Amber Dalal investors seek FBI intervention

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 schemesComplaints 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 FBIRepresentatives from Dalalrsquos company Ms Ritz have been unreachable via phone or email Representation picOnline complaint to FBIOne of the investors based in the USA in his complaint to the FBI and SEC stated ldquoAlong with other investors I made wire transfers to US banks to deposit funds into the investment scheme Payments were regularly processed through the Fundrsquos 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 Fundrsquos management Consequently investors including myself have not received distributions for the past month and it seems evident that the fund operated as a Ponzi schemerdquoVarious banksThroughout the Fundrsquos 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 2024Amber DalalldquoAccordingly no investor has been able to speak with the Fundrsquos management and payments have stopped We plan to retain counsel in the coming days to recover any available assets Please investigate and freeze the Fundrsquos assets to protect investorsrsquo and creditorsrsquo rights and interestsrdquo the complaint readFreeze American assetsldquoOur aim is to freeze any US assets linked to the Fund and recoup our capital in future actions against Ritz or other viable parties Itrsquos uncertain if the Fundrsquos assets in banks and brokerages are frozen as confirmation hasnrsquot been obtained yet Wersquove reached out to the SEC FBI and state AG offices in Delaware and California The FBI typically doesnrsquot disclose investigation statuses leaving us in the dark about frozen accountsrdquo said the investor in his email responseOther investors cry foulldquoI invested heavily with Amber Dalal based on othersrsquo 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 510 more years to ensure financial stability This delay affects my familyrsquos wellbeing and our health and wersquore seeking to recover some of our investmentsrdquo said an investor based in the New York arealsquoFile complaintsrsquoWhile 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 havenrsquot lodged complaints yet ldquoThe 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 distressrdquo said an investorLegal expertldquoConsidering 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 matterrdquo said Zulfiquar Memon managing partner MZM Legal LLPOther casesInvestment made in sonrsquos nameAn investor who invested in their sonrsquos name as the son was facing medical issues is now struggling to retrieve the investment from Dalal after the sonrsquos passing last yearMedical issue had to stop workThere 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 brokeKidsrsquo educationSome families invested money with Amber Dalal to pay for their kidsrsquo 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 goneFamily supportOne 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