*Amber Dalal Case: ED raids Mumbai properties, seizes assets worth Rs 37 crore*

 The Enforcement Directorate has raided various locations in Mumbai in connection with the ongoing investigation into the investment fraud case against businessman Amber Dalal, who is accused of cheating 1,300 investors out of over Rs 600 crore.

The raids, conducted under the Prevention of Money Laundering Act (PMLA), took place on June 21 and resulted in the seizure of movable assets, including cash, frozen bank funds, and Demat account holdings totalling Rs 37 crore. Various documents and digital devices were also found during the searches, officials said.

The Enforcement Directorate initiated the investigation based on an FIR filed by the Mumbai Police. It revealed that Dalal, proprietor of Ritz Consultancy Service, allegedly took money from investors through a suspected Ponzi scheme by promising high returns. He then absconded with their money after giving them initial returns.

According to officials, Dalal raised more than Rs 600 crore from 1,300 investors.

Dalal, a Chartered Accountant by profession, was arrested by the Economic Offences Wing of the Mumbai Police and is presently under judicial custody.

As per the probe details, Dalal raised money from investors on the pretext that he invested the funds in nine commodities --gold, silver, crude oil, natural gas, zinc, lead, nickel, copper, and aluminium -- and traded in them. He made the investors believe that the invested money was safe and promised an annual return of 18 to 22 per cent.

Using the same modus operandi, he raised money from investors in the UAE and the USA as well, the Enforcement Directorate sources said.

Amber Dalal then diverted the funds received in his company's account to personal accounts, which were further routed to family members' accounts and used for creating assets.

He has diverted approximately Rs 51 crore to his personal accounts, which was used to acquire assets in India and abroad. Eight such immovable properties in India and two such properties abroad have been identified by the probe agency.

It was also found that the payments received from new investors were used to pay out the monthly returns to the old investors.

Dalal received money in cash as well, which was then accounted for in connivance with Mumbai-based jewelers. Returns on such cash-based investments were given to investors in India and abroad by hawala operators.

The search operations unveiled details of a network of stockbrokers and investment advisors who brought clients in exchange for commissions.

Further investigation into the case is in progress, officials said.