The Economic Offences Wing (EOW) of the Odisha Crime Branch has made a significant arrest in a major financial fraud case, apprehending a businessman from West Bengal accused of swindling hundreds of investors across two states.
The Arrest and the Alleged Scheme
Amit Mandal, a 36-year-old from Bankura district, was taken into custody on Friday in connection with a cheating case registered on December 29, 2025. The arrest followed a complaint by a victim from Odisha's Khurda district. After being presented before a court in Bankura, Mandal was brought to Odisha on a transit remand for detailed questioning and investigation.
According to police officials, Mandal and his associates orchestrated an elaborate scheme, luring investors with promises of exceptionally high monthly returns ranging from 3.5% to 7% from share trading. To build trust and appear legitimate, they executed formal agreements with investors and even issued post-dated cheques.
Scale of the Fraud and Modus Operandi
Investigations have uncovered a massive financial deception. Between 2020 and 2024, Mandal allegedly mobilized nearly Rs 120 crore from approximately 600 investors—around 500 in Odisha and 100 in West Bengal. While he refunded about Rs 80 crore, the remaining Rs 40 crore is suspected to have been misappropriated.
"The complainant in this specific case invested Rs 8.5 lakh between 2022 and 2024. Initially, some returns were paid to create an illusion of genuineness, but all payments ceased after a few months, and Mandal then absconded," stated Dilip Tripathy, SP of the EOW.
The accused reportedly organized investor meetings at hotels in Angul and Bhubaneswar to attract depositors. When he began failing to deliver the promised returns by 2023, he assured investors that their money would be reinvested in a newly floated company. Soon after, he vanished, leaving hundreds in financial distress.
Evidence Seized and Police Warning
The EOW's scrutiny of one of Mandal's bank accounts revealed transactions worth Rs 122 crore during the four-year period. Several other accounts are under verification. Authorities have also seized a laptop believed to contain crucial details of investors and the amounts they deposited.
Police revealed that Mandal's modus operandi involved using his personal bank accounts to collect deposits while falsely claiming to operate through another company. "Several unsuspecting people were lured by this fraudulent investment scheme," SP Tripathy emphasized.
He issued a strong caution to the public: "We urge all investors to remain extremely vigilant and thoroughly verify credentials before investing in any scheme that promises unusually high returns. If it sounds too good to be true, it usually is."
The EOW's investigation is ongoing, with efforts focused on tracing Mandal's associates, uncovering all assets acquired with the defrauded money, and recovering the funds for the victims.
