EOW of Odisha police arrest financial fraudster accused of swindling ₹120 crore

The Economic Offences (EOM) wing of Odisha police arrested one Amit Mandal accused of defrauding gullible investors and collected deposits to the tune of ₹120 crore from Odisha and West Bengal.

The EOW investigators arrested Mandal from Bankura in West Bengal and were bringing to Odisha on a transit remand after producing him before a local court.

“The accused Mandal has collected more than ₹120 crore from around 500 depositors from Odisha and 100 depositors from West Bengal during the period from 2020-2024 and now has to return the invested amount of more than ₹40 crore,” said EOW in a statement on Friday (January 2, 2026).

The EOW acted on a case registered on the written complaint by Sushant Kumar Das of Khordha district. It was alleged that the accused Amit Mandal and his associates induced him to invest with him for Share Trading for high returns in the range from 3.5% to 7% per month.

“In order to win the confidence, the accused executed agreement with him apart from issuing Post Dated Cheque. Being induced, the Mr. Das deposited ₹8.5 Lakhs during the period 2022 – 2024. The deposit was taken through the personal accounts of the accused Mandal,” it informed.

Mandal was operating through “Kalpana Financial Services”. The accused paid investors back through some returns. However, it he stopped subsequently and absconded.

According to EOW, in order to gain trust among gullible investors, the accused in connivance with his agents in Odisha was arranging meetings in different hotels at Angul and Bhubaneswar.

“The accused was collecting deposits in his personal accounts maintained with ICICI and HDFC bank for Share Trading in the name of Kalpana Financial Services which is purely non-existent. He has also collected some amount through the account of Kalpamit Consultancy Private Limited and also in the personal account of some of his associates. On scrutiny of his ICICI account, it was found that there is transaction of Rs. 122 crore approximately,” said EOW of Odisha police. (EOM)