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Chartered Accountant Amber Dalal allegedly ran a Ponzi scheme, defrauding investors worldwide. The podcast delves into the intricate details of the scheme, tactics used to deceive investors, and regulatory interventions. Investors hope for recovery from the 14-year long Ponzi scheme.
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Quick takeaways
- Ambar Dalal ran a Ponzi scheme by promising high returns and relying on word of mouth referrals.
- Authorities are investigating regulatory oversights and potentially seizing Dalal's properties to recover funds.
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The Ponzi Scheme Structure
The podcast discusses how the fraudster, Ambar Dalal, allegedly defrauded investors through a classic pyramid or Ponzi scheme. The scheme involved promising high returns, creating a facade of credibility by showcasing expertise in trading, initiating a cycle of returns to entice more investors, relying on word of mouth referrals for new investments, and maintaining a low profile to avoid detection. Dalal managed to sustain this scheme for around 14 years under the guise of Ritz Consultancy Services Company.
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highlights
Listen to the best highlights from the podcasts you love and dive into the full episode