EOW arrests ponzi scheme director for Rs 123 crore fraud

Bhubaneswar, June 8: The Economic Offences Wing (EOW) of the Odisha Police has apprehended the director of a ponzi scheme company from West Bengal for allegedly defrauding investors and misappropriating over Rs 123 crore.

The accused, Tusar Bhanjo from Hamirpur in Paschim Medinapur, West Bengal, was arrested at his residence in the Haridevpur area of Kolkata and subsequently brought to Bhubaneswar on a transit remand, according to a statement released by the EOW on Saturday.

The arrest followed a complaint filed by Manmohan Dora of Bhubaneswar against Harit Krishi Nidhi Ltd., M/s Transvision Dream Multi Trade Pvt. Ltd., and its director Tushar Bhanjo. Bhanjo was accused of luring Dora and numerous other investors with promises of high returns, including a monthly interest rate of 11% on the invested amount and an additional 4-5% commission for recruiting new members.

The company also pledged monthly salaries of Rs 4,000 for an investment of Rs 4 lakh and Rs 8,000 for an investment of Rs 8 lakh. Bhanjo used social media, leaflets, brochures, and physical meetings to attract investors.

Persuaded by these promises, the complainant joined Harit Krishi Nidhi Ltd. as a member, initially depositing Rs 4,000 in 2023. He later invested Rs 2 lakh in the company's bank account, allowing him to create three wallet IDs in which he deposited a total of Rs 2.17 lakh, receiving the promised 11% interest only for one month.

Afterward, the payments ceased, and Bhanjo disappeared with the funds from thousands of investors, including the complainant.