Bhubaneswar, Nov 6 : The Directorate of Enforcement (ED), Bhubaneswar Zonal Office, has frozen bank balances of around Rs 4.5 crore across 36 accounts and a bank locker while probing the money laundering angle in a Rs 120-crore investment fraud case, the ED informed on Friday.
The action follows search operations conducted on November 4 under the Prevention of Money-Laundering Act (PMLA), 2002, across 11 locations in Odisha and West Bengal linked to Kalpana Financial Services and others. According to the ED, the sleuths during the search operations also seized various incriminating documents and digital devices.
ED investigation was initiated on the basis of an FIR registered by the Economic Offence Wing(EOW) of Odisha Police against Amit Mandal, Sanjay Kumar Samal, Ishwar Chandra Bindhani, Srikant Mallick, Parthi Sarthi Mohapatra and others. The case concerns an alleged investment fraud involving inducement of members of the public to invest money on assurances of fixed monthly returns ranging from approximately 3.5% to 7% through purported share-market and trading activities.
ED investigation indicates that Amit Mandal operated the investment arrangement through his proprietary concerns and companies, including M/s Kalpana Consultancy Services, M/s Murali Consultancy Services, M/s Kalpamit Consultancy Private Limited and others, using a network of agents, introducers and local coordinators. Investors were solicited through promotional meetings, WhatsApp communications and referral networks and were issued agreements and post-dated cheques.
"Initial payouts encouraged further investments, while payment of returns and repayment of principal allegedly stopped around July 2024. During the period of operation of the scheme, a sum of Rs.120 crore was found to be credited in the account of suspected persons," the ED said.
During the search at accused Bindhani's residential premises, articles suspected to be wildlife remains were found.
"Information was immediately shared with the Divisional Forest Officer, Baripada, and their team examined two jawbones and one bone suspected to be of an elephant, along with six pieces of "Antlers" suspected to be of sambar deer (Rusa unicolour) and action under the Wildlife (Protection) Act, 1972 was taken," the agency added.
It further noted that during the search at the office premises of Mandal at Bankura, West Bengal, the sleuths found that he had left the said premises and was no longer available at his previously known locations.
Consequently, the ED, through technical surveillance, traced his location to Bengaluru in Karnataka, where he was subsequently located, and his statement was recorded under PMLA.
