The Economic Offenses Wing (EOM) of the Urina Police has arrested one Amit Mandal accused of cheating gullible investors and collected deposits of ₹120 crore from Odisha and West Bengal.
EOW investigators arrested Mandal from Bankura in West Bengal and brought him to Odisha in transit custody 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 2020-2024 and now has to return the invested amount of more than ₹40 crore,” the EOW said on Friday (January 2, 2026).
The EOW was acting in a case registered on the written complaint of Sushant Kumar Das of Khordha district. Accused Amit Mandal and his associates allegedly induced him to invest with him in stock trading with high returns ranging from 3.5% to 7% per month.
“In order to gain confidence, the accused entered into an agreement with him besides issuing a postal cheque. Mr. Das, on the spur of the moment, deposited ₹8.5 million between 2022 and 2024. The deposit was received through the personal accounts of accused Mandal,” it informed.
Mandal operated through “Kalpana Financial Services”. The defendant returned the investors through some of the proceeds. However, he then stopped and ran away.
According to the EOW, in order to gain confidence among gullible investors, the accused arranged meetings in various hotels in Angul and Bhubaneswar in connivance with his agents in Odisha.
“The accused collected deposits in his personal accounts maintained with ICICI Bank and HDFC for stock trading in the name of Kalpana Financial Services which are purely non-existent. He also collected the amount through the account of Kalpamit Consultancy Private Limited and also in the personal account of some of his associates. On checking his ICICI account, it was found that there was a transaction of approximately Rs.222 odacroish Rs.EO. (EOM)
Published – 03 Jan 2026 01:26 IST
