Ex-consulting partner accused of stealing millions from investors

17 February 2023 Consultancy.com.au 9 min. read
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Disgruntled investors have accused former Deloitte and Sayers senior leader Amberjit Endow of stealing up to possibly $60 million in a shady scheme which promised returns pushing 40 percent.

Amberjit Endow, a former Deloitte partner who joined Sayers in 2021, has been accused of conning tens of millions of dollars out of dozens of high earning investors, including fellow partners at Deloitte.

The Age reports that those caught up in the scheme are now seeking to recoup their losses after being promised returns of up to 40 percent in just six months, with some estimating Endow’s fraudulent take could be as much as $60 million.

Amberjit Endow

Originally kicking off his career as an analyst at Infosys, Endow spent a brief stint at management consultancy BearingPoint before joining Deloitte as a senior consultant in 2008. By 2013 he was made a partner in Melbourne, and held a number ofemerging technology leadership roles at the national and regional levels, including as Deloitte’s Australian lead for Robotics & Intelligent Automation and as head ofAnalytics & Cognitive for APAC.

It’s during his time at Deloitte that Endow is accused of duping investors, said to include senior executives from other consulting firms in addition to the Deloitte partners, via a proposal to purchase what he claimed to be Indian government-issued bonds linked to a large-scale infrastructure project to improve India’s rural road network. Lured by the promise of juicy returns, the investors then poured millions into Endow’s personal bank accounts.

According to the Age, the Victorian police are currently investigating, while complaints have also been lodged with their counterparts in New South Wales. In addition, one group of investors has now employed the services of corporate fraud-hunters Duxton Hill to track down the funds and potentially freeze any assets, with Endow having apparently now gone to ground. Other investors want to know the extent of Deloitte’s awareness of the scheme.

The firm has since distanced itself in response, a spokesperson telling the Age; “Any investments made by Deloitte partners or employees will have been made independently in their personal capacity. While our internal processes require that partners and employees disclose their investments for the purposes of complying with our independence policies, Deloitte does not approve the nature of personal investments made by each partner.”

Deloitte also however stated that Endow’s conduct during his time at the firm was now under investigation, a process which had been instigated at Sayers shortly after Endow joined the consultancy in 2021 – appointed to head up a newly-launched Technology & Platforms practice staffed by a team of senior Big Four recruits, including then former Deloitte partners Kate Huggins, Ridhish Arora, Maria Muir, Paul Jackson and Jerry Hsu.

Notably, Jackson and Hsu both returned to Deloitte’s partnership inside a year, while Muir has also since departed – all three being members of Sayers’ Melbourne office alongside Endow. It was in the early days of his appointment that the firm – headed by Carlton Football Club president and former PwC boss Luke Sayers – says it launched its own internal investigation due to concerns among its other executives. Endow, however, departed before its conclusion.

Conned investors

His time at Sayers now scrapped from his LinkedIn profile, Endow still has dozens upon dozens of endorsements from corporate clients and colleagues, including fromthe likes of Stephen Jansz, Deloitte’s national managing partner for risk advisory. A number of disgruntled investors who the Age spoke to said that it was these types ofconnections and the fact that at least a dozen Deloitte partners had put money in which convinced them to do so as well.

According to a pitch document seen by the Age, those who bought Endow’s spiel and handed over upwards of a quarter of a million dollars were guaranteed returns ofaround 39 percent after six months, while smaller investors putting in up to $50,000 could supposedly expect a 20 percent return over the same period. Where exactly that money is now is unknown, but Duxton Hill confirmed that it’s investigating the transfer of funds overseas.

Endow has also been accused of lavish spending, according to a source familiar with the initial analysis of his accounts, including on a black Porsche and a leased three-bedroom apartment with Sydney harbour and Opera House views reportedly next door to that of Delta Goodrem’s.

In an odd twist, Rodney Eade, the former coach of Goodrem’s favourite and closely-connected AFL team the Swans, was noted as one of those duped from outside ofthe business realm.