Odisha Economic Offences Wing Nabs Amit Mandal in Multi-Crore Share Trading Scam - Inside His Modus Operandi

Bhubaneswar:

Odisha's Economic Offences Wing arrested one Amit Mandal, the main accused in a fraud involving crores of rupees. The case against Mandal was registered on a complaint by one Sushant Kumar Das who alleged that the accused and his associates induced him to invest with him for share trading luring for high returns with approximate value from 3.5 per cent to 7 per cent per month.In order to win his confidence, the accused executed agreement with him apart from issuing PDC. Being induced, the informant deposited Rs 8.5 lakhs during the period 2022 – 2024.The deposit was taken through the personal accounts of the accused Amit Mandal who was claiming to have one entity namely “Kalpana Financial Services".

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Initially, some returns although were paid for few months, it was stopped later and the accused Amit Mandal absconded.Subsequently, the informant came to know that the accused Amit Mandal has also collected crores of rupees from many others of Odisha and cheated them of the deposited amounts and misappropriated the same.Investigation so far reveals that the accused Amit Mandal with some of his associates induced the general public to invest with him for share trading to get high monthly returns ranging.ALSO READ |‘We Wrote to Railways, But…’: Odisha Athletes Sit by Train Toilets, Miss Match - Who's Behind This Apathy?In order to induce the general public to give deposit, the accused in connivance with his agents/associates was arranging meetings in different hotels at Angul and Bhubaneswar.Again, to build confidence among the depositors the accused Amit Mandal was executing agreements with the depositors apart from issuing PDCs.

The accused Amit Mandal during the period from 2020-2024, by inducing around 500 depositors from Odisha and 100 depositors from West Bengal collected more than 120 crores and now has to return the invested amount of more than 40 crores.ALSO READ | Odisha Fails to Achieve Universal School Education, CAG Audit Reveals Major GapsHe was paying the monthly returns from the successive deposits of the depositors. During 2023, the accused failed to pay the returns and falsely assured the depositors that their money will be reinvested in his newly formed company Kalpamit Consultancy Private Limited. But later he absconded throwing the depositors in to despair.The accused Amit Mandal was collecting the deposits in his personal accounts maintained with ICICI and HDFC bank for Share Trading in the name of Kalpana Financial Services which is purely nonexistent.

He has also collected some amount through the account of Kalpamit Consultancy Private Limited and also in the personal account of some of his associates.On scrutiny of his ICICI account, it was found that there is transaction of Rs. 122 crores approximately. The other accounts are under verification.One laptop suspected to have contained the list of investors and the deposited amount has been seized from the accused Amit Mandal.