The Directorate of Enforcement (ED), Bhubaneswar Zonal Office, has frozen bank balances of approximately ₹4.5 crore across 36 bank accounts and one bank locker while investigating the money laundering angle in a ₹120-crore investment fraud case, the agency disclosed on Friday, 6 November 2026. The action targets entities linked to Kalpana Financial Services and associated operators based in Odisha and West Bengal.

Search Operations and Seizures

The asset-freeze follows search operations conducted on 4 November under the Prevention of Money-Laundering Act (PMLA), 2002, spanning 11 locations across Odisha and West Bengal. During the raids, ED sleuths reportedly seized incriminating documents and multiple digital devices, which are now under forensic examination. The operation was triggered by a First Information Report (FIR) registered by the Economic Offence Wing (EOW) of Odisha Police against Amit Mandal, Sanjay Kumar Samal, Ishwar Chandra Bindhani, Srikant Mallick, Parthi Sarthi Mohapatra, and others.

How the Alleged Fraud Operated

According to the ED, the accused allegedly induced members of the public to invest money by promising fixed monthly returns ranging from approximately 3.5% to 7%, purportedly through share-market and trading activities. Amit Mandal reportedly operated the scheme through a web of proprietary concerns and companies — including M/s Kalpana Consultancy Services, M/s Murali Consultancy Services, and M/s Kalpamit Consultancy Private Limited — using agents, introducers, and local coordinators across the region.

Investors were solicited through promotional meetings, WhatsApp communications, and referral networks. Agreements and post-dated cheques were issued to lend an air of legitimacy. 'Initial payouts encouraged further investments, while payment of returns and repayment of principal allegedly stopped around July 2024,' the ED stated. During the operational period, a total of ₹120 crore was found credited to the accounts of suspected persons, according to the agency.

Wildlife Remains Found at Accused's Premises

In a development that added an unexpected dimension to the case, articles suspected to be wildlife remains were discovered during the search of accused Ishwar Chandra Bindhani's residential premises. The ED immediately shared information with the Divisional Forest Officer, Baripada, whose team examined two jawbones and one bone suspected to belong to an elephant, along with six pieces of antlers suspected to be of sambar deer (Rusa unicolour). Action under the Wildlife (Protection) Act, 1972 was subsequently taken, the agency confirmed.

Key Accused Located in Bengaluru

During searches at Mandal's office premises in Bankura, West Bengal, investigators found that he had vacated the location and was no longer available at his previously known addresses. The ED subsequently traced him to Bengaluru, Karnataka, through technical surveillance. He was located there and his statement was recorded under the provisions of PMLA. The move to Bengaluru, investigators note, is consistent with a pattern seen in similar Ponzi-style cases where promoters relocate ahead of regulatory action.

Broader Context

This case adds to a growing list of investment fraud investigations the ED has pursued in eastern India, where high-return schemes targeting rural and semi-urban savers have proliferated. The alleged stoppage of returns in July 2024 and the subsequent ED action reflect the lag that typically exists between scheme collapse and enforcement. With search operations concluded and assets frozen, the next likely step involves formal arrests and supplementary provisional attachment orders under PMLA.