Bhubaneswar: Odisha Police’s Economic Offences Wing (EOW) has arrested the prime accused in a Rs 40-crore trading fraud, an officer said Friday.
The accused, identified as Amit Mandal of West Bengal’s Bankura, was arrested from his home district December 31, the officer said.
After producing him in a local court there, Mandal was brought to Odisha Friday, the EOW officer said.
The arrest was made in connection with a case registered December 29 at the EOW police station on the basis of a complaint lodged by Sushant Kumar Das of Khurda district.
The complainant alleged that Mandal and his associates induced him to invest in share trading by promising high monthly returns ranging from 3.5 to 7 per cent per month.
Das had reportedly deposited Rs 8.5 lakh during 2022–2024.
According to police, Mandal induced around 500 depositors from Odisha and 100 from West Bengal between 2020 and 2024 and collected over Rs 120 crore, of which over Rs 40 crore is yet to be returned to investors.
“Initially, he paid monthly returns of depositors. However during 2023, Mandal failed to pay the returns and falsely assured the depositors that their money will be re-invested in his newly formed company. But suddenly he went missing before being arrested in Bankura district,” the official said.
According to the EOW, the accused had been collecting deposits in his personal bank accounts maintained with two banks. “Scrutiny of one bank account revealed transactions amounting to Rs 122 crore. Other accounts are under verification,” the officer said.
PTI