The X-ray transient source EP240309a/EP J115415.8'501810 was first detected by the Wide-field X-ray Telescope on board the Einstein Probe (EP) instrument during the commissioning phase. Subsequent optical observations confirmed it as a cataclysmic variable of the intermediate polar type with a 238.2 s spinning white dwarf on a ≈3.76 h orbit. We report the source discovery and follow-up studies carried out with the EP's Follow-up X-ray Telescope. A periodic variation of 231 s was detected in the 0.3'2 keV band, while no obvious pulsation appeared in the 2'10 keV band. The spectral analysis showed that the X-ray emission could be described by an absorbed bremsstrahlung model with kT > 11 keV. The partial covering absorption, with a hydrogen column density NH = 2.0×1022cm-2 and covering fraction of around 0.9, is much higher than the interstellar absorption along the line of sight. According to the distance of d'='309.5 pc obtained from the Gaia parallax, we estimated that the luminosity of this source in the 0.3-10 keV range is ≈2×1032 erg s'1. In addition, a phase-resolved spectral analysis revealed that the detected periodic variation is mainly caused by the change in the absorption column density. In this scenario, the spin modulation arises due to absorption from the pre-shock accretion flow of the X-ray emitting pole, while the optical radiation is modulated at the orbital side band (ωspin-Ωorbit) due to the reprocessing in regions within the binary system. Due to this unusual transient behaviour for an intermediate polar, we also searched for radio signals similar to those observed in the new class of long period transients. We derived upper limits with ASKAP of 200'300 μJy beam'1 in the range 800'1500 MHz and with MWA of 40'90 mJy beam'1 in the range 80'300 MHz. © The Authors 2025.