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Enforcement Directorate Launches Raids in Odisha and West Bengal Over ₹120 Crore Investment Scam

The Enforcement Directorate has conducted extensive raids in Odisha and West Bengal as part of a money laundering investigation tied to an alleged investment fraud. The case involves Kalpana Financial Services, which reportedly misled investors into believing their funds would yield significant returns. With a total of ₹120 crore collected from the public, the ED's actions aim to uncover the extent of the fraud and hold those responsible accountable. This investigation follows an FIR filed by the Odisha Police's Economic Offences Wing, highlighting the serious nature of the allegations.
By Narendra Chaudhary | Nov 4, 2026, 12:49 IST
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ED Investigates Alleged Investment Fraud


Bhubaneswar: The Enforcement Directorate (ED) has initiated searches across Odisha and West Bengal as part of an investigation into a money laundering case linked to an alleged investment scam involving ₹120 crore, according to officials.


This investigation is based on a First Information Report (FIR) filed by the Economic Offences Wing (EOW) of the Odisha Police.


The FIR claims that a fraudulent scheme operated under the name Kalpana Financial Services misled individuals into investing their money, promising that the funds would be used for share market trading and would generate fixed monthly returns between 3.5% and 7%, as reported by the ED.


The scheme's promoters reportedly amassed around ₹120 crore from the public.


As part of the operation, the ED conducted raids at ten locations in both Odisha and West Bengal, including the premises of Kalpana Financial and its director, Amit Mandal, under the Prevention of Money Laundering Act (PMLA).


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