In a significant development, the Economic Offences Wing (EOW) of the state crime branch arrested Dwipika Bhanjo (53) and her daughter Tandra Bhanjo (26) in Kolkata on Wednesday, for their alleged involvement in a massive chit fund scam. The scam defrauded approximately 34,000 investors across various states in India and Bangladesh of around Rs 123 crore. The mother-daughter duo allegedly transferred substantial portions of the fraudulently collected funds to undisclosed accounts in Bangladesh and China, according to EOW officers.
Dwipika’s husband, Tusar Bhanjo, was arrested earlier on June 4, 2024, and is currently in judicial custody. Tusar, a school dropout, had plans to expand his illegal business to Dubai, as per information provided by the DG (Crime Branch), Vinaytosh Mishra. The arrest of the Bhanjos marks a critical breakthrough in the investigation of this fraudulent scheme that spanned multiple regions and targeted thousands of victims.
Tusar established an unauthorised chit fund operation in 2023 through a Nidhi company, which operates as a non-banking financial institution facilitating borrowing and lending among members. In addition, he set up a private organisation in Odisha, where he and his family members, including Dwipika and Tandra, held senior positions. Offices were established across Odisha, West Bengal, Assam, and Chhattisgarh, further expanding their reach.
The accused enticed investors with promises of high returns, including 11% monthly interest, along with an additional 4% to 5% commission for recruiting new members. The company also guaranteed monthly payments of Rs 4,000 and Rs 8,000 for investments of Rs 4 lakh and Rs 8 lakh, respectively. However, the fraudulent company ceased operations in 2024, barely a year after beginning its operations.
EOW officers believe that the Bhanjos used the funds for personal luxuries, including international travel. Authorities are now investigating the extent of the hawala transactions and whether further funds were siphoned off to benami accounts in Bangladesh and China.
The company utilized social media, printed materials, and organised meetings at premium hotels in Bhubaneswar to attract investors. The first complaint was filed on May 28, 2024, by Manoranjan Dora, a victim from Bhubaneswar, who lost Rs 2.17 lakh. Although he initially received the promised 11% interest for one month, payments ceased shortly after.
The investigation revealed that the company defrauded around 10,000 individuals, most of whom were suspected Bangladeshi nationals residing in West Bengal, Assam, and Tripura. Through these connections, the scheme also spread to Bangladesh, defrauding approximately 750 people there.
As the investigation continues, authorities are working to track down the remaining suspects and uncover the full scale of the fraudulent operation.
