Initially there were thought to be eleven errors but now it’s feared the true figure could be ten times higher.
The memorial has 350 names inscribed on it – 238 from World War One, 106 from World War Two, two from the Northern Ireland troubles and four from the Falklands War.
There are two lists of the fallen soldiers from the area – one in the library, the other on the main memorial in Priory Park.
Ann Hicks, who runs the Cornwall Family History Society, said “It is hugely disrespectful.
“Residents have been paying their respects to people who in some cases done exist, and not honouring others because they are not listed on the memorial.
“I believe the errors originated when the names were transferred from the library to the main memorial, possibly by dictating them on to a tape recorder, and consequently names were spelled incorrectly and others were left out.”
Chris Wickett’s grandfather Christopher Frederick Ellis was killed in World War Two while fighting in Italy but he is not named on the memorial.
Mr Wickett obtained an official list from the Commonwealth War Graves Commission of casualties with a connection to Bodmin.
He said “I expect the missing names to total more than 100.
“I’m glad the council has agreed to investigate. This has been the case for so many years now, and something needs to be done about it.”
The council admits it will take months to sort out but has promised to ensure all the right names are now added.
It has received an estimate of £3,200 to produce corrected plaques but, before that goes ahead, a working party of councillors has been set up to investigate whether more names are missing.
Mayor Lance Kennedy said “It’s a hugely complicated process which is going to take the working party a considerable time to research, but we must get it right, there is absolutely no question about that.”