The Economic Offences Wing (EOW) of Odisha has arrested Amit Mandal, the prime accused in a massive share trading fraud involving more than Rs40 crore. Mandal, son of Late Murali Mandal from Bankura district, West Bengal, was apprehended on December 31, 2025 in connection with EOW PS Case No. 20 dated December 29, 2025.
The case originated from a complaint by 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%. Mandal executed agreements and issued post-dated cheques to gain trust. Das deposited Rs8.5 lakh between 2022 and 2024, but payments stopped after a few months.
Investigations revealed that Mandal, operating under the fictitious company Kalpana Financial Services, collected deposits from nearly 500 investors in Odisha and 100 in West Bengal, amassing over Rs120 crore between 2020 and 2024. He allegedly misappropriated funds worth over Rs40 crore and later floated Kalpamit Consultancy Pvt. Ltd. to mislead depositors.
Mandal organized investor meetings in hotels at Angul and Bhubaneswar, executed agreements, and issued cheques to build confidence. Funds were deposited into personal accounts with ICICI and HDFC banks, as well as accounts of associates. Scrutiny of his ICICI account revealed transactions totaling approximately Rs122 crore.
The accused was produced before a local court in West Bengal and brought on transit remand. He will be presented before the Designated Court under the OPID Act and the Special Court for EOW in Cuttack today. Investigators also seized a laptop containing a list of investors and deposited amounts.
The EOW continues to verify other bank accounts and track the full 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.
