Magnetic-field-induced phase transitions are investigated in the frustrated gapped quantum paramagnet Rb2Cu2Mo3O12 through dielectric and calorimetric measurements on single-crystal samples. It is clarified that the previously reported dielectric anomaly at 8 K in powder samples is not due to a chiral spin liquid state as has been suggested, but rather to a tiny amount of a ferroelectric impurity phase. Two field-induced quantum phase transitions between paraelectric and paramagnetic and ferroelectric and magnetically ordered states are clearly observed. It is shown that the electric polarization is a secondary order parameter at the lower-field (gap closure) quantum critical point but a primary one at the saturation transition. Having clearly identified the magnetic Bose-Einstein condensation (BEC) nature of the latter, we use the dielectric channel to directly measure the critical divergence of BEC susceptibility. The observed power-law behavior is in very good agreement with theoretical expectations for three-dimensional BEC. Finally, dielectric data reveal magnetic presaturation phases in this compound that may feature exotic order with unconventional broken symmetries.