Odisha: ₹120cr scam mastermind nabbed after years on the run
Amit Mandal, accused of running a massive ₹120 crore investment scam, was finally arrested by Odisha Police in West Bengal.
Over four years, he allegedly lured hundreds in Odisha and West Bengal with promises of easy money before vanishing with their savings.
His arrest followed a complaint from an investor, and as of January 2, 2026, he was being brought back to Odisha on transit remand.
How the scam worked—and what went wrong
Mandal ran "Kalpana Financial Services," offering tempting monthly returns of up to 7% to about 600 people.
He hosted hotel meetings to gain trust and took investments through personal bank accounts and his consultancy firm.
At first, investors got some payouts and post-dated cheques—but when payments stopped, Mandal disappeared.
Police later found over ₹122 crore had moved through his accounts, highlighting just how widespread the fraud was and why staying alert about too-good-to-be-true schemes matters.