Amber Dalal harnesses trust and greed in copybook Indian markets con

The signs were always there, yet investors fell for the oldest trick in the book. Was Dalal running a Ponzi scheme all along?

On 14 March, P received a text message that left her deeply disturbed. It basically informed her that the man who managed her money was untraceable. As her March interest payment was already four days overdue, a feeling of dread set in.

She wasn’t alone. Hundreds of other investors were similarly rattled. India’s latest investment scam had begun to unravel.

The message was followed by a complaint to the police in Oshiwara, a Mumbai suburb, the next day by fashion designer Babita Malkani. Several others joined the case, which led to its transfer to the Economic Offences Wing of the …


T Surendar

Surendar helps lead the newsroom at The Morning Context as executive editor. Over the years, Surendar has worked in industries from pharmaceuticals to diamonds, as well as a stint as an equity analyst. In his long career as a business journalist, he has led teams at The Times of India, India Today and Fortune India. He was part of the founding team at Forbes India and interned at and published in The Times, London.

Executive Editor



Ujval Nanavati

Ujval leads our Business vertical at The Morning Context. In a corporate career spanning 14 years, he has worked across startups, consulting firms, multinational corporations and large Indian companies, including India Infoline, ICICI, KPMG, Tata Steel and Jubilant Pharma. Ujval has been a freelance writer and trainer for eight years, with bylines in Forbes India and The Economic Times.

Editor, Business