Fri Jan 02 19:56:00 UTC 2026: Here’s a summary of the text and a rewrite as a news article:

Summary:

The Economic Offences Wing (EOW) of Odisha police arrested Amit Mandal in West Bengal for defrauding investors of ₹120 crore (approximately $14.4 million USD) from Odisha and West Bengal between 2020 and 2024. Mandal, operating under the name “Kalpana Financial Services,” promised high monthly returns on share trading investments. He initially paid out some returns to gain trust, but later stopped and disappeared. He collected deposits in his personal bank accounts and through other associated accounts. The EOW acted on a complaint filed by an investor who lost ₹8.5 Lakhs (approximately $10,200 USD).

News Article:

Odisha Police Nab Alleged Investment Fraudster Accused of Swindling ₹120 Crore

BHUBANESWAR – January 3, 2026 – The Economic Offences Wing (EOW) of the Odisha police has apprehended Amit Mandal, accused of orchestrating a massive investment fraud that allegedly bilked investors of ₹120 crore (approximately $14.4 million USD). Mandal was arrested in Bankura, West Bengal, and is being brought back to Odisha.

According to the EOW, Mandal operated under the guise of “Kalpana Financial Services” between 2020 and 2024, soliciting investments from approximately 500 individuals in Odisha and 100 in West Bengal. He lured investors with promises of high monthly returns ranging from 3.5% to 7% on share trading.

“The accused Mandal collected more than ₹120 crore from around 500 depositors from Odisha and 100 depositors from West Bengal and now has to return the invested amount of more than ₹40 crore,” EOW said in a statement.

The arrest followed a complaint filed by Sushant Kumar Das of Khordha district, who alleged that Mandal and his associates convinced him to invest in share trading with the promise of lucrative returns. Das invested ₹8.5 Lakhs (approximately $10,200 USD) with Mandal between 2022 and 2024.

Investigators revealed that Mandal built trust by initially providing returns to investors. However, he subsequently ceased payments and absconded. He allegedly collected deposits through his personal accounts at ICICI and HDFC bank, and through accounts associated with “Kalpamit Consultancy Private Limited” and other individuals. Scrutiny of Mandal’s ICICI account revealed transactions totaling approximately ₹122 crore.

The EOW stated that Mandal conducted meetings in hotels in Angul and Bhubaneswar, in connivance with his agents to gain the confidence of gullible investors. The police investigation is ongoing.

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