Two more arrested from West Bengal in Odisha ponzi scam

Bhubaneswar, May 21 (IANS) The Odisha Police's Economic Offences Wing (EOW) has arrested two more accused -- Dwipika Bhanjo and Tandra Bhanjo -- from Kolkata in connection with a multi-crore ponzi scam, the agency said in a statement.

The duo was produced before the court of the Chief Judicial Magistrate, Barasat, in West Bengal's North 24 Parganas on Tuesday and brought to Bhubaneswar on a three-day transit remand.

The case was registered based on a complaint by Bhubaneswar resident Manmohan Dora, who alleged that Harit Krishi Nidhi Ltd, Transvision Dream Multi Trade Pvt. Ltd., and its Director Tushar Bhanjo duped him and thousands of others by promising high returns on investments.

The schemes included a monthly interest of 11 per cent and additional commissions of 4-5 per cent for enrolling new members.

The company also offered fixed monthly salaries -- Rs 4,000 for investing Rs 4 lakh, Rs 8,000 for Rs 8 lakh, and so on -- creating the illusion of stable returns, the EOW said.

Investigations revealed that Tushar Bhanjo, arrested earlier in June 2024 and currently in jail, had formed Transvision Dream Multi Trade Pvt Ltd in Odisha and incorporated Harit Krishi Nidhi Ltd in 2023 with the Registrar of Companies (ROC), West Bengal. Despite regulatory restrictions prohibiting Nidhi companies - a type of non-banking financial company (NBFC) - from operating outside their home state, the group illegally expanded operations to Odisha, Chhattisgarh, Assam, and other states.

Though Nidhi companies are barred from engaging in chit fund activities, the accused allegedly ran a classic Ponzi scheme, luring investors with promises of high monthly returns and lucrative commissions for bringing in new clients.

The EOW estimates that over Rs 123 crore was collected from around 34,000 investors across Odisha, West Bengal, Chhattisgarh, Assam, Tripura, Maharashtra, and even Bangladesh.

After paying initial returns, the accused reportedly absconded with the funds, siphoning off the money to multiple accounts, including some in Bangladesh and China.

The investigation found that Harit Krishi Nidhi Ltd held bank accounts in Axis Bank, Yes Bank, and Bandhan Bank, with Tushar Bhanjo and Tandra Bhanjo listed as authorised signatories.

A sum of Rs 43.67 lakh was transferred from company accounts to the personal account of Tandra Bhanjo, while Rs 41 lakh was credited to Dwipika Bhanjo's account.

Dwipika Bhanjo was also the initial director of the company and held 1,000 shares.

The investigation is ongoing, and the EOW is probing further fund diversions and links to international money trails.

--IANS

skp/vd