A state excise department officer and his relative have been arrested in connection with an alleged financial fraud involving several residents of Malda who were reportedly promised high returns through share-market investments. The two accused, identified as Subhadip Ghosh and his relative Agni Maitra, were arrested from Sodepur in Kolkata on Friday following a complaint registered at Englishbazar police station.
According to police, Ghosh is an officer of the West Bengal excise department and is currently posted in Kolkata. He had earlier been posted in Old Malda. Maitra is a relative of Ghosh. The case against the two was registered on August 7 after a resident of Malda approached Englishbazar police with allegations that the duo had collected substantial amounts of money from several people by offering them lucrative returns on investments in the share market.
Police said the complainant alleged that the accused had persuaded investors to hand over money by assuring them that the funds would generate high returns. However, when the promised returns did not materialise, the complainant approached the police and submitted a written complaint.
Case Referred to Economic Offences Wing
Following the complaint, the matter was referred to the Economic Offences Wing of the state police for further investigation. The agency subsequently traced Ghosh and Maitra to Sodepur in Kolkata, where they were arrested.
After their arrest, the two accused were taken to Malda for further legal proceedings. They were produced before the Malda district court, which remanded them to seven days of police custody.
Investigators are now examining the financial transactions allegedly linked to the accused. Police are also trying to establish how much money was collected, how many people may have invested through the accused and whether the alleged investment arrangement involved any other individuals.
Police Investigating Number of Investors
The investigation is expected to focus on the accounts and financial channels allegedly used to receive money from investors. Authorities are likely to examine bank transactions and other financial records to determine the flow of funds and establish whether the money was subsequently transferred to other accounts.
Police are also attempting to identify additional people who may have been approached with similar promises. Investigators said the exact scale of the alleged fraud would become clearer as more financial records and statements from potential victims are examined.
The allegation against the two accused is that they used the promise of attractive returns from share-market investments to persuade residents to part with their money. The police investigation will determine whether the funds were actually invested as promised or were diverted for other purposes.
Excise Officer’s Official Position Under Scrutiny
The arrest of a serving excise department official has also brought his professional background into focus. Police said Ghosh is currently posted in Kolkata and had previously worked in Old Malda, where several of the alleged victims are understood to be based.
Investigators will examine whether the accused’s official position or familiarity with the area was used to establish credibility among prospective investors. However, police have not indicated that the excise department itself was involved in the alleged financial dealings.
The authorities are also examining the role of Maitra and whether he allegedly assisted Ghosh in contacting investors, collecting money or managing financial transactions. His relationship with Ghosh is among the aspects being considered as part of the investigation.
More Victims May Emerge
Police have not yet disclosed the total amount allegedly collected by the accused or the exact number of people who may have lost money. Officials said the investigation is continuing and further details are expected to emerge after examination of financial records and statements from potential victims.
The seven-day police custody granted by the Malda court will allow investigators to question the accused and examine the allegations in greater detail. Authorities are expected to focus on the alleged investment promises, the collection of funds, the promised returns and the subsequent movement of the money.
For now, the allegations remain under investigation, and the accused are entitled to due process. Police will determine the full extent of the alleged financial fraud based on documentary evidence, transaction records and statements from the complainants and other potential victims.
