Bhubaneswar, January 2: The Economic Offences Wing (EOW) of Odisha has arrested Amit Mandal, the prime accused in a ₹40 crore share trading fraud.
Mandal, from Bankura district, West Bengal, was apprehended on December 31, 2025, following a complaint from Sushant Kumar Das of Khordha, who claimed Mandal lured him into an investment scheme promising high returns.
Between 2020 and 2024, Mandal, operating under the name Kalpana Financial Services, collected over ₹120 crore from nearly 600 investors across Odisha and West Bengal. He misappropriated over ₹40 crore, leaving many investors unpaid. Mandal also founded Kalpamit Consultancy Pvt. Ltd. to mislead depositors.
Investigations revealed that Mandal organized investor meetings, executed agreements, and issued cheques to build trust. He deposited funds into personal accounts and those of associates, with transactions of around ₹122 crore.
Mandal has been remanded to court and further investigations are underway. Strict legal action will be taken under various sections of the IPC, BUDS Act, and IT Act.
