The Economic Offences Wing (EOW) of Odisha has arrested the prime accused in a massive share trading fraud involving more than Rs 40 crore.
The accused, Amit Mandal, son of Late Murali Mandal of Bankura district, West Bengal, was apprehended on December 31, 2025, in connection with EOW PS Case No. 20 dated December 29, 2025.
Case Details
The case was registered on the complaint of Sushant Kumar Das of Khordha district, who alleged that Mandal and his associates lured him into investing with promises of high monthly returns ranging from 3.5% to 7%. To gain trust, Mandal executed agreements and issued post‑dated cheques. Das deposited ₹8.5 lakh between 2022 and 2024, but the payments stopped after a few months.
Scale of Fraud
Investigations revealed that Mandal, operating under the fictitious entity Kalpana Financial Services, collected deposits from nearly 500 investors in Odisha and 100 in West Bengal, amassing over Rs 120 crore between 2020 and 2024. He allegedly misappropriated funds, failed to return investments worth more than ₹40 crore, and later floated Kalpamit Consultancy Pvt. Ltd. to mislead depositors.
Modus Operandi
Mandal organised investor meetings in hotels at Angul and Bhubaneswar, executed agreements, and issued cheques to build confidence. He deposited funds into personal accounts with ICICI and HDFC banks, as well as accounts of associates. Scrutiny of his ICICI account revealed transactions of approximately ₹122 crore.
Arrest and Seizure
The accused was produced before a local court in West Bengal and brought on transit remand. He will be produced before the Designated Court under the OPID Act and the Special Court for EOW in Cuttack today. Investigators also seized a laptop suspected of containing the list of investors and deposited amounts.
Ongoing Probe
The EOW continues to verify other bank accounts and track the extent of the fraud. Officials confirmed that strict legal action will follow under IPC sections 406, 420, 467, 468, 471, 120‑B, the BUDS Act, and the IT Act.
