Mahadev betting app case updates

 Actor Sahil Khan is set to provide his statement to the Mumbai Police in connection with the Mahadev betting app case. The Special Investigating Team (SIT) of the Mumbai cyber cell had previously summoned Sahil and three others in December 2023, but he failed to appear for questioning at that time. The case involves a significant scam estimated to be worth approximately Rs 15,000 crore, according to the first information report (FIR).

 Actor Sahil Khan 

Last year, Ravi Uppal, one of the main accused in the case, was apprehended in Dubai by local authorities. The arrest was carried out by Dubai police based on an Interpol red corner notice issued at the request of the Enforcement Directorate (ED).

Sahil Khan, known for his roles in films such as “Style” and “Excuse Me,” is also a fitness expert and entrepreneur. He founded Divine Nutrition, a company that offers fitness supplements, including whey protein, creatine, and muscle gainers.

Mumbai Investment Consultant Allegedly Vanishes with Crores Amid Ponzi Scheme Allegations

 The financial landscape of Mumbai was rocked by allegations of fraud as Ambar Dalal, a prominent investment consultant, allegedly absconded with crores of investors' money. The incident, which has left scores of investors reeling, sheds light on the murky world of financial scams and raises concerns about the security of investments.

Initial reports from the Oshiwara police indicate that Dalal stands accused of cheating investors, with losses amounting to a staggering ₹54 crore reported by 55 individuals. However, suspicions linger that the actual extent of the fraud could far surpass these initial figures, hinting at the possibility of a larger Ponzi scheme.

On a fateful Friday, investors descended upon the Oshiwara police station in a desperate bid for answers, only to discover that Dalal had vanished without a trace. The disillusioned investors, who had been enticed by promises of lucrative returns, now found themselves grappling with uncertainty and financial distress.

Dalal's modus operandi allegedly involved enticing investors with the prospect of returns of up to 2% per month through his firm, Ritz Consultancy. For months, investors claimed, returns were disbursed punctually, instilling confidence in Dalal's schemes. However, the façade began to crumble in March when promised payments failed to materialize.

As investors clamored for explanations, Dalal purportedly resorted to evasive tactics, citing personal reasons for the delay in payments. With mounting pressure from aggrieved investors, Dalal pledged to settle all outstanding dues by a specified date. Yet, when the deadline passed without respite, investors were left with no choice but to confront the grim reality of their predicament.

Amidst the chaos, concerns over Dalal's potential flight from justice loomed large. Fearing further losses, investors have appealed to authorities, including the Economic Offences Wing, to intervene and initiate a thorough investigation into the matter. Additionally, a social media campaign spearheaded by Himalayan Origins co-founder Soumya Parmar seeks to mobilize public support in locating Dalal and shedding light on the magnitude of the alleged fraud.

The ramifications of Dalal's actions extend beyond individual investors, underscoring broader issues of financial security and regulatory oversight. As investigations unfold and legal proceedings ensue, the case serves as a cautionary tale, reminding investors of the importance of due diligence and vigilance in safeguarding their financial interests.

In the pursuit of justice, authorities must expedite efforts to hold accountable those responsible for perpetrating financial frauds, restoring faith in the integrity of the financial system and protecting the interests of investors.

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Stay informed and vigilant in your financial dealings to protect yourself from potential scams. Your diligence is crucial in safeguarding your financial well-being.

Mumbai Police Issues Look Out Circular Against Ponzi Scheme Mastermind Amber Dalal

 In a significant development, Mumbai police have escalated their investigation into a sprawling Ponzi scheme orchestrated by Chartered Accountant and investment consultant, Amber Dalal. The authorities, recognizing the gravity of the situation, have issued a Look Out Circular (LoC) against Dalal to prevent his potential escape from the country. This move follows the transfer of the case from the Oshiwara police station to the Economic Offences Wing (EOW), reflecting the serious nature of the investment fraud.

The Ponzi scheme, masterminded by Dalal, has left a trail of devastation, with nearly 200 investors stepping forward, alleging losses exceeding Rs 100 crore. However, the actual extent of the fraud may surpass these initial figures as more victims continue to emerge.

The genesis of this fraudulent scheme traces back to the activities of Dalal's company, Ritz Consultancy Services, which lured investors with promises of lucrative returns. Operating under the guise of commodity trading, Dalal enticed victims with monthly profits ranging from 1.5% to 1.8%. His modus operandi involved signing Memorandums of Understanding and assuring transparency to instill trust in his victims.

Victims, drawn from diverse backgrounds spanning continents, recount tales of betrayal and financial ruin. From seasoned businessmen to retirees investing their life savings, Dalal's web ensnared individuals from all walks of life. The case, initially registered in March by a Juhu-based fashion designer, quickly snowballed as more victims came forward with similar grievances.

Legal repercussions have begun to ensnare Dalal, who faces charges under various sections of the Indian Penal Code and the Maharashtra Protection of Interest of Depositors Act. Notably, even prominent figures like actor Annu Kapoor's family have fallen prey to this elaborate scheme, highlighting the scheme's indiscriminate nature.

Amidst allegations suggesting a fraud amounting to Rs 1,200 crore, the EOW is diligently working to quantify the full extent of the scam. Meanwhile, additional victims from the film industry have added their voices to the chorus of grievances, underscoring the scheme's far-reaching impact.

Dalal's promises of risk-free investments and steady returns masked the underlying deception, leading investors to entrust increasingly larger sums to his company. However, the façade crumbled as investors encountered difficulties in retrieving their funds, ultimately culminating in Dalal's disappearance in March.

In conclusion, the Ponzi scheme orchestrated by Amber Dalal serves as a stark reminder of the perils lurking within the financial realm. As investigations continue and legal proceedings unfold, the pursuit of justice remains paramount to bring solace to the countless victims left in its wake.