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Accident – Death – Obituary News : : 1. Kolkata Ponzi Scheme Arrest
2. Misappropriation Scam Kolkata
The Economic Offences Wing (EOW), Odisha has arrested the Director of a company for operating a Ponzi scheme and deceiving investors of over Rs 123 crores. Tusar Bhanjo, the accused from West Bengal, was apprehended on June 4 and brought to Bhubaneswar for legal proceedings. The case was filed based on a complaint by Manmohan Dora against Harit Krishi Nidhi Ltd. and M/s Transvision Dream Multi Trade Pvt. Ltd. The accused lured investors with promises of high returns and monthly salaries, ultimately absconding with their money. EOW revealed that Bhanjo had unlawfully expanded his operations beyond the permitted state boundaries, collecting funds from thousands of individuals across various regions.
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1. Kolkata Ponzi Scheme Fraud
2. Misappropriation Scandal Kolkata Ponzi Company
Odisha EOW Arrests Web News Portal Owner for Running Ponzi Scheme
Bhubaneswar: In a recent development, the Economic Offences Wing (EOW) of Odisha has made a significant arrest in connection with a Ponzi scheme that has defrauded investors of over Rs 123 crores. The accused, identified as Tusar Bhanjo from Hamirpur, Paschim Medinapur, West Bengal, was apprehended on June 4 and transported to Bhubaneswar under a transit remand.
Detailed Investigation
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The case stemmed from a written complaint filed by Manmohan Dora of Bhubaneswar against the Company Harit Krishi Nidhi Ltd., M/s Transvision Dream Multi Trade Pvt. Ltd., and its Director Tushar Bhanjo. Allegations indicate that Bhanjo enticed investors with promises of high monthly returns, offering an interest rate of 11 per cent on invested amounts along with additional commissions for recruiting new members.
Modus Operandi
Utilizing social media, leaflets, brochures, and physical meetings, Bhanjo successfully lured in investors with promises of a monthly salary of Rs.4,000 for a Rs.4 lakh investment and Rs.8,000 for an Rs.8 lakh investment. Despite these enticing offers, the reality was far from what was promised.
Operational Violations
Further investigation revealed that Bhanjo had previously established M/s Transvision Dream Multi Trade Pvt. Ltd. and subsequently founded Harit Krishi Nidhi Ltd. in 2023. However, he violated Nidhi rules by expanding operations beyond the State of incorporation, setting up offices in Odisha, Chhattisgarh, Assam, and other regions.
Deceptive Practices
Despite the prohibition of chit-fund activities within a Nidhi Company, Bhanjo engaged in a Ponzi scheme that duped thousands of investors. EOW estimates that he managed to amass over Rs 123 crores from approximately 34,000 individuals across various states, including Odisha, West Bengal, Chhattishgarh, Assam, Tripura, Maharashtra, and even Bangladesh.
Legal Action
Tushar Bhanjo now faces legal proceedings under the OPID Act in Cuttack, where he will be presented before the Designated Court. The EOW is working diligently to ensure that justice is served and that those affected by the Ponzi scheme receive the necessary support and restitution.
Stay Informed
As the investigation unfolds, authorities urge the public to remain vigilant and exercise caution when approached with investment opportunities that seem too good to be true. By raising awareness and cracking down on fraudulent schemes, the EOW aims to protect investors and uphold the integrity of financial markets.
