Who is the Main Accused Arrested in the Rs 40 Crore Share Trading Fraud?
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Synopsis
In a significant crackdown, the Economic Offences Wing has apprehended Amit Mandal, the mastermind behind a staggering Rs 40 crore share trading fraud. This case highlights how deceitful schemes can lure unsuspecting investors, leading to devastating financial losses. Discover the full story of this alarming fraud and its impact on many victims.
Key Takeaways
- Amit Mandal was arrested for a Rs 40 crore share trading fraud.
- Investors were promised high monthly returns of 3.5% to 7%.
- The scheme involved fraudulent agreements and post-dated cheques.
- Mandal induced around 600 depositors across Odisha and West Bengal.
- The EOW investigation revealed transactions exceeding Rs 122 crore.
Bhubaneswar, Jan 2 (NationPress) - The Economic Offences Wing (EOW) of Odisha Police has apprehended the primary suspect in a Rs 40 crore share trading fraud case from West Bengal, as confirmed by a senior official on Friday.
The suspect has been identified as Amit Mandal, residing in South Boilapara under the jurisdiction of Bishnupur police station in Bankura district of West Bengal.
Mandal was taken into custody on December 31, 2025, following a complaint lodged by Sushant Kumar Das from Khordha district in Odisha.
Das accused Mandal, along with his associates, of persuading him to invest in share trading by promising returns of approximately 3.5% to 7% monthly.
The accused also formalized an agreement with Das and issued post-dated cheques (PDCs) to gain his trust.
Enticed by Mandal and his partners, Das invested Rs 8.5 lakh during the period from 2022 to 2024.
This investment was made through the personal accounts of Amit Mandal, who claimed to operate an entity named “Kalpana Financial Services”.
Das further alleged that, while he initially received returns for a few months, the payments ceased, and Mandal subsequently went into hiding.
It later emerged that Mandal had deceived numerous other individuals in Odisha, misappropriating deposits amounting to crores of rupees.
During the investigation, EOW officials established that Mandal and some accomplices enticed the public to invest with promises of high monthly returns ranging from 3.5% to 7%.
To facilitate these investments, Mandal, in collaboration with his agents, arranged several meetings across various hotels in Angul and Bhubaneswar.
Mandal executed agreements with depositors and issued PDCs to them.
The EOW official reported, “From 2020 to 2024, Amit Mandal induced approximately 500 depositors from Odisha and 100 from West Bengal, collecting over Rs 120 crore. He currently owes over Rs 40 crore in returned investments. Initially, he paid returns using funds from new depositors, but in 2023, he failed to continue payments, falsely assuring investors that their funds would be reinvested in his newly established company, Kalpamit Consultancy Private Limited. Eventually, he vanished, leaving his investors in despair.”
Mandal collected funds in his personal accounts at ICICI and HDFC bank for share trading under the guise of Kalpana Financial Services, which is completely fictitious.
Additionally, he garnered funds through the account of Kalpamit Consultancy Private Limited and the personal accounts of some associates.
The Odisha police discovered a transaction of Rs 122 crore within Mandal's ICICI account during their investigation.
Point of View
NationPress
02/01/2026
Frequently Asked Questions
What was the amount involved in the fraud?
The fraud involved over Rs 40 crore.
Who is the accused in this case?
The main accused is Amit Mandal from West Bengal.
How did the accused attract investors?
Mandal promised returns of 3.5% to 7% per month.
What actions did the EOW take?
The EOW arrested Amit Mandal and is investigating further.
What should investors be cautious about?
Investors should be wary of promises of high returns and verify the legitimacy of investment entities.
