The Directorate of Enforcement has frozen nearly Rs 4.5 crore across 36 bank accounts and sealed one bank locker.
Investigators took action during a money laundering probe linked to a Rs 120-crore investment scam operating across two eastern states.
Federal agents conducted extensive search operations at 11 key locations in Odisha and West Bengal on November 4.
Officers targeted properties connected to Kalpana Financial Services and multiple affiliated entities during the synchronized raids.
The enforcement team seized crucial incriminating documents alongside several digital storage devices during these comprehensive search operations.
The federal agency initiated its investigation after the Economic Offences Wing of Odisha Police registered a detailed criminal FIR.
State police named key suspects including Amit Mandal, Sanjay Kumar Samal, Ishwar Chandra Bindhani, Srikant Mallick, and Parthi Sarthi Mohapatra.
The fraudsters systematically lured unsuspecting victims with promises of high fixed monthly returns between 3.5% and 7%.
Promoters falsely claimed that active stock market operations and trading activities generated these extraordinary financial payouts.
Main operator Amit Mandal managed the illegal investment network through multiple proprietary firms and private consultancy companies.
His network operated through entities like Kalpana Consultancy Services, Murali Consultancy Services, and Kalpamit Consultancy Private Limited.
Mandal deployed an extensive network of local agents, introducers, and regional coordinators to collect funds from investors.
The syndicate aggressively solicited new victims through organized promotional meetings, targeted WhatsApp communications, and lucrative referral programs.
Organizers issued formal legal agreements and signed post-dated cheques to win the complete trust of prospective victims.
The scheme paid early returns to encourage existing clients to invest significantly larger sums of money into the venture.
The operators completely stopped paying monthly returns and principal amounts to investors around July 2024.
Bank records reveal that victims deposited over Rs 120 crore into accounts belonging to key suspects during operations.
Enforcement agents discovered suspected illegal wildlife remains while searching the residential premises of accused Ishwar Chandra Bindhani.
Investigating officers immediately alerted local wildlife authorities to examine the seized animal remains at the search location.
The Baripada Divisional Forest Officer inspected two jawbones and an elephant bone along with six sambar deer antlers.
Forest officials subsequently initiated separate legal proceedings against the accused under the Wildlife Protection Act.
Officers searching Mandal’s business office in Bankura discovered that the prime suspect had suddenly fled his known location.
Investigating officers deployed technical surveillance systems to track the fleeing suspect across state borders.
Federal agents located Mandal in Bengaluru and recorded his formal statement under money laundering provisions.
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