Odisha Police Nabs Kingpin in Multimillion-Rupee Trading Scam

Odisha Police's Economic Offences Wing arrested Amit Mandal, the prime accused in a massive Rs 40-crore trading fraud. Mandal allegedly duped investors by promising high returns, collecting over Rs 120 crore from 600 investors across Odisha and West Bengal. Investigations are ongoing into his financial dealings.

In a significant breakthrough, Odisha Police's Economic Offences Wing (EOW) apprehended Amit Mandal, the lead suspect in a sprawling Rs 40-crore trading scam, authorities confirmed on Friday.

Mandal, hailing from Bankura in West Bengal, was captured at his residence on December 31 following complaints of fraudulent activities in share trading. After being produced in a local court, he was transferred to Odisha for further legal proceedings.

Mandal allegedly orchestrated a scheme that deceived around 600 investors, promising monthly returns of up to 7 percent. Despite initial payouts, he eventually defaulted on payments and vanished, prompting an investigation into transactions worth Rs 122 crore in his bank accounts.

(With inputs from agencies.)