The Economic Offences Wing (EOW) of the Odisha Police apprehended the prime suspect in a Rs 40 crore share trading scam from West Bengal. The accused, identified as Amit Mandal from Bankura district, was taken into custody on December 31, 2025. The arrest was made following a complaint by Sushant Kumar Das from Khordha district, who alleged that Mandal and his associates persuaded him to invest in share trading with promises of monthly returns ranging from 3.5 to 7 per cent.
Das claimed that he deposited Rs 8.5 lakh between 2022 and 2024 based on assurances from Mandal and his associates. The accused, operating under the name “Kalpana Financial Services,” reportedly issued post-date cheques to gain Das’s trust. Despite initially receiving returns, Das alleged that the payments ceased, leading to Mandal’s disappearance.
Investigations revealed that Mandal, in collaboration with his associates, enticed numerous individuals in Odisha and West Bengal to invest in share trading, promising lucrative monthly returns. The accused organized meetings in Angul and Bhubaneswar to attract deposits, executing agreements and issuing post-date cheques to depositors. Mandal managed to amass over Rs 120 crore from around 500 depositors in Odisha and 100 in West Bengal between 2020 and 2024.
Mandal channeled the collected funds through personal accounts in ICICI and HDFC banks under the guise of Kalpana Financial Services, a fictitious entity. Additionally, he diverted funds through Kalpamit Consultancy Private Limited and his associates’ accounts. The Odisha Police discovered transactions amounting to Rs 122 crore in Mandal’s ICICI account during the investigation.
