Odisha Police Nab Key Accused in ₹120 Crore Investment Scam from Bengal
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The Odisha Police's Economic Offences Wing (EOW) has made a significant breakthrough in a high-profile investment fraud case. On December 31, EOW officials arrested Amit Mandal, a resident of West Bengal's Bankura district, in connection with a ₹120 crore scam. Mandal and his associates allegedly lured investors with promises of high returns, collecting funds through a share trading scheme. According to investigators, between 2020 and 2024, the accused group convinced 600 people from Odisha and West Bengal to invest in their schemes, with some investors losing lakhs of rupees. The investigation began after a complaint was filed by Sushant Kumar Das, who claimed to have lost ₹8.5 lakh to Mandal's scheme. Preliminary findings reveal that Mandal used hotels in Bhubaneswar and Angul to host meetings with investors, where agreements and post-dated cheques were used to build trust. The accused group allegedly misappropriated funds by diverting them through various bank accounts linked to their companies, including Kalpana Financial Services and Kalpamit Consultancy Private Limited. The EOW officials have discovered transactions worth approximately ₹122 crore in a single ICICI Bank account, and further investigations are underway to verify transactions in other bank accounts. Mandal has been produced before a Bengal court and brought to Odisha on transit remand, marking a significant step towards unraveling the elaborate fraud.
