The Economic Offences (EOM) wing of Odisha police arrested one Amit Mandal accused of defrauding gullible investors and collected deposits to the tune of ₹120 crore from Odisha and West Bengal.
The EOW investigators arrested Mandal from Bankura in West Bengal and were bringing to Odisha on a transit remand after producing him before a local court.
“The accused Mandal has collected more than ₹120 crore from around 500 depositors from Odisha and 100 depositors from West Bengal during the period from 2020-2024 and now has to return the invested amount of more than ₹40 crore,” said EOW in a statement on Friday (January 2, 2026).
The EOW acted on a case registered on the written complaint by Sushant Kumar Das of Khordha district. It was alleged that the accused Amit Mandal and his associates induced him to invest with him for Share Trading for high returns in the range from 3.5% to 7% per month.
“In order to win the confidence, the accused executed agreement with him apart from issuing Post Dated Cheque. Being induced, the Mr. Das deposited ₹8.5 Lakhs during the period 2022 – 2024. The deposit was taken through the personal accounts of the accused Mandal,” it informed.
