Who Are the Two New Arrests in the Odisha Ponzi Scam?
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Synopsis
The Odisha Police's Economic Offences Wing has made significant strides in the multi-crore ponzi scam investigation with the recent arrest of Dwipika and Tandra Bhanjo. This case highlights the growing issue of fraudulent investment schemes and underscores the need for vigilance among investors.
Key Takeaways
- Two more arrests made in Odisha ponzi scam.
- Suspects lured investors with false promises.
- Over Rs 123 crore collected from investors.
- Investigation ongoing for fund diversions.
- Awareness is key to avoiding scams.
Bhubaneswar, May 21 (NationPress) The Economic Offences Wing (EOW) of the Odisha Police has detained two additional suspects — Dwipika Bhanjo and Tandra Bhanjo — from Kolkata in relation to a multi-crore ponzi scam, according to an official statement.
The pair was presented before the Chief Judicial Magistrate's court in Barasat, North 24 Parganas, West Bengal, on Tuesday and subsequently remanded to Bhubaneswar for a three-day transit.
This case emerged from a complaint filed by Bhubaneswar's Manmohan Dora, who accused Harit Krishi Nidhi Ltd., Transvision Dream Multi Trade Pvt. Ltd., and its director Tushar Bhanjo of deceiving him and countless others with promises of high investment returns.
The fraudulent schemes advertised monthly interest rates of 11% and additional commissions of 4-5% for recruiting new participants.
They also presented fixed monthly salaries — Rs 4,000 for a Rs 4 lakh investment, Rs 8,000 for Rs 8 lakh, and so forth — to create a façade of reliable returns, as reported by the EOW.
Investigations uncovered that Tushar Bhanjo, who was previously arrested in June 2024 and is currently incarcerated, had established Transvision Dream Multi Trade Pvt Ltd. in Odisha and launched Harit Krishi Nidhi Ltd. in 2023 with the Registrar of Companies in West Bengal. Despite regulations prohibiting Nidhi companies from operating outside their home state, the group unlawfully extended its activities to Odisha, Chhattisgarh, Assam, and beyond.
Although Nidhi companies are restricted from engaging in chit fund activities, the suspects allegedly operated a classic ponzi scheme, enticing investors with attractive monthly returns and hefty commissions for new client referrals.
The EOW estimates that over Rs 123 crore was amassed from approximately 34,000 investors across Odisha, West Bengal, Chhattisgarh, Assam, Tripura, Maharashtra, and even Bangladesh.
Following the payment of initial returns, the accused reportedly vanished with the funds, diverting money to various accounts, including some in Bangladesh and China.
The inquiry revealed that Harit Krishi Nidhi Ltd. maintained accounts in Axis Bank, Yes Bank, and Bandhan Bank, with Tushar Bhanjo and Tandra Bhanjo listed as authorized signatories.
A total of Rs 43.67 lakh was channeled from the company accounts into Tandra Bhanjo's personal account, while Rs 41 lakh was transferred to Dwipika Bhanjo's account.
Dwipika Bhanjo was also the original director of the company, holding 1,000 shares.
The investigation is still underway, with the EOW looking into further fund diversions and connections to international money trails.
Point of View
The ongoing investigation into the Odisha ponzi scam reflects a troubling trend in financial fraud that continues to exploit unsuspecting individuals. It is critical for regulatory bodies to enhance oversight and for the public to remain vigilant against such schemes. Nation will always prioritize transparency and accountability in financial dealings.
NationPress
09/06/2025
Frequently Asked Questions
What is the Odisha ponzi scam?
The Odisha ponzi scam involves fraudulent investment schemes where participants are promised high returns, which are then funded by new investors rather than legitimate business activities.
Who are the main accused in the scam?
The main accused include Dwipika Bhanjo, Tandra Bhanjo, and Tushar Bhanjo, who are implicated in deceiving thousands of investors.
How much money was collected from investors?
The Economic Offences Wing estimates that over Rs 123 crore was collected from approximately 34,000 investors across multiple states.
What actions are being taken against the accused?
The accused have been arrested and are being investigated by the Economic Offences Wing, which is probing further fund diversions and links to international money trails.
What should investors do to avoid scams?
Investors should conduct thorough research, verify the legitimacy of investment opportunities, and be cautious of promises of high returns with little risk.
