In a major development in the multi-crore Ponzi scam, the Odisha Police’s Economic Offences Wing (EOW) arrested Dwipika Bhanjo and her daughter Tandra Bhanjo from Kolkata. The arrests were made in connection with fraudulent investment schemes that duped over 34,000 investors, including some from Bangladesh, with promised high monthly returns.
The accused were presented before the Chief Judicial Magistrate in Barasat, West Bengal, and have been brought to Bhubaneswar on a three-day transit remand.
The Ponzi schemes operated under the companies Transvision Dream Multi Trade Pvt Ltd and Harit Krishi Nidhi Ltd, offering unrealistic returns such as 11% monthly interest and 4-5% commissions for enrolling new investors. The scheme also falsely promised fixed monthly incomes—Rs4,000 for Rs4 lakh invested and Rs8,000 for Rs8 lakh—thereby attracting lower and middle-income individuals.
Investigators revealed that Tushar Bhanjo, already arrested in June 2024 and currently in judicial custody, was the mastermind. He formed the companies in violation of regulatory norms, with Harit Krishi Nidhi Ltd operating outside West Bengal, which is illegal for a Nidhi company.
The EOW found that the group collected over Rs123 crore across several states including Odisha, West Bengal, Chhattisgarh, Assam, Tripura, Maharashtra, and even across borders into Bangladesh. The probe uncovered illegal fund transfers, including Rs43.67 lakh to Tandra Bhanjo’s personal account and Rs41 lakh to Dwipika Bhanjo’s account. Dwipika, who was also the initial director, held 1,000 shares in the company.
The EOW continues to investigate possible international fund diversions, especially to Bangladesh, and is tracking links to money laundering networks.
