Bhubaneswar: The Economic Offences Wing (EOW), Odisha, has arrested the main accused in a major investment fraud case involving more than Rs 40 crore, the agency said today.

The accused, Amit Mandal, a resident of Bankura district in West Bengal, was arrested on December 31 and was produced before a local court before being brought to Odisha on transit remand.

Case registered on the investor’s complaint

The case was registered following a complaint by Sushant Kumar Das of Khordha district. In his complaint, Das alleged that Mandal and his associates induced him to invest in share trading by promising monthly returns ranging from 3.5 per cent to 7 per cent.

To gain trust, the accused reportedly executed agreements and issued post-dated cheques. The complainant invested Rs 8.5 lakh between 2022 and 2024 through Mandal’s personal bank accounts.

Fraud exposed after payments stopped

According to the EOW, the accused initially paid returns for a few months but later stopped payments and went absconding. The complainant later learnt that Mandal had allegedly collected crores of rupees from several investors across Odisha and misappropriated the funds.

Over 600 investors allegedly cheated

Preliminary investigation has revealed that between 2020 and 2024, Mandal and his associates induced around 500 investors from Odisha and about 100 investors from West Bengal to invest in share trading schemes. The total collection is estimated to be over Rs 120 crore, with unpaid liabilities exceeding Rs 40 crore.

EOW officials said meetings were organised in hotels in Bhubaneswar and Angul to lure investors. Agreements and post-dated cheques were used to build confidence.

Fake firms and bank accounts under scanner

Investigators found that Mandal collected money in the name of Kalpana Financial Services, which does not exist. He also diverted funds through accounts linked to Kalpamit Consultancy Private Limited and personal accounts of associates.

Scrutiny of one ICICI Bank account alone revealed transactions of about Rs 122 crore. Other bank accounts are currently under verification.

Laptop seized, probe continues

The EOW has seized a laptop from the accused, which is suspected to contain details of investors and deposited amounts. Further investigation is underway to identify associates and trace misappropriated funds.

The EOW has appealed to affected investors to contact its toll-free number 18003457103 for assistance.