ED Storms 10 Locations in Odisha, Bengal Over ₹120 Crore Scam
The Enforcement Directorate raids 10 locations in Odisha and West Bengal investigating a ₹120 crore investment scam by Kalpana Financial Services.
The Enforcement Directorate (ED) has launched a massive crackdown on a suspected money laundering network, conducting simultaneous raids at 10 different locations across Odisha and West Bengal. The operation targets a sophisticated investment fraud scheme allegedly orchestrated by Kalpana Financial Services Private Limited and its director, Amit Mandal.
The Lure of Unrealistic Returns
The investigation reveals a classic "bait-and-switch" tactic used to trap unsuspecting citizens. According to officials, Kalpana Financial Services induced the public to invest their hard-earned money by claiming the funds would be strategically deployed in share market trading activities.
To entice investors, the firm promised lucrative and unrealistic fixed monthly returns, ranging from approximately 3.5 per cent to 7 per cent. These high-yield promises acted as the primary hook for hundreds of people who believed they were securing a high-growth investment.
The Scale of the Fraud
Preliminary findings suggest that the scale of the deception is significant, with the firm allegedly collecting roughly ₹120 crore from the public. The reach of the scam spanned two states, with the Economic Offences Wing (EOW) of the Odisha Police identifying a wide net of victims.
- Odisha: Approximately 500 investors were reportedly duped.
- West Bengal: Around 100 investors were allegedly targeted.
The fraudulent activity is believed to have taken place between the years 2020 and 2024, during which Amit Mandal allegedly accumulated these deposits.
The Money Trail and the Disappearance
Investigators are now tracing the flow of the stolen funds. It is alleged that the accused did not keep the money in a single place but used a complex web of accounts to route the capital. This included personal bank accounts and accounts belonging to other entities, specifically Kalpamit Consultancy Private Limited.
After routing the funds through these various channels, the operators reportedly stopped making the promised payments to the investors and absconded, leaving hundreds of people in financial distress.
Legal Action and PMLA Probe
The current ED operation, led by the Bhubaneswar zonal office, is being carried out under the stringent provisions of the Prevention of Money Laundering Act (PMLA), 2002. This federal probe was triggered following a First Information Report (FIR) previously registered by the Economic Offences Wing (EOW) of the Odisha Police.
The agency is now scouring the 10 raided premises for documentary evidence, digital footprints, and assets acquired through the proceeds of the crime to recover the defrauded amount.