Bhubaneswar: The Directorate of Enforcement (ED), Bhubaneswar, Wednesday launched searches at 10 locations in Odisha and West Bengal in connection with a money laundering case involving Kalpana Financial Services Private Limited and its director, Amit Mandal.
In an official statement, the Central agency said the case under the Prevention of Money Laundering Act, 2002, was initiated on the basis of an FIR registered by the Economic Offence Wing (EOW) of Odisha Police.
The EOW registered the case in connection with an investment fraud allegedly operated under the name ‘Kalpana Financial Services’.
Members of the public were allegedly induced to invest money on the assurance that the funds would be deployed in the share market and trading activities, yielding fixed monthly returns ranging from approximately 3.5 per cent to 7 per cent, it said.
Around Rs 120 crore was collected from the public through the scheme. Mandal, a resident of South Boilapara under Bishnupur police limits in Bankura district of West Bengal, was arrested by the EOW in December 2025 following a complaint lodged by a resident of Odisha’s Khordha district.
During the investigation, EOW officials found that Mandal had collected around Rs 120 crore between 2020 and 2024 by inducing around 500 depositors from Odisha and 100 from West Bengal to invest in the scheme.
He was liable to return more than Rs 40 crore to the depositors.
He allegedly used money collected from subsequent depositors to pay monthly returns to earlier investors.
In 2023, Mandal allegedly defaulted on the promised returns and assured depositors that their money would be reinvested in his newly formed company, Kalpamit Consultancy Private Limited.
However, he later absconded, leaving the depositors in distress.
Meanwhile, in a separate money laundering case, the ED’s Bhubaneswar Zonal Office recently provisionally attached immovable properties worth Rs 24.60 crore under the provisions of the PMLA.
The case involves M/s Maa Tarini Industries Limited (MTIL) and others.