Bhubaneswar, May 21: In a significant development in Odisha’s first major Nidhi Company ponzi scam, the Economic Offences Wing (EOW) of Odisha Police arrested Dwipika Bhanjo and her daughter Tandra Bhanjo from Bidhan Nagar, Kolkata. The two women are the wife and daughter of Tushar Bhanjo, the prime accused in a multi-state ponzi scheme operated under the guise of a Nidhi company.
The duo was arrested in connection with EOW PS Case No. 08 dated May 28, 2024, under multiple sections of IPC, PCMCS (Banning) Act, OPID Act, and the IT Act. The accused were produced before the Court of CJM, Barsat, 24 Parganas (North) and brought to Bhubaneswar on a three-day transit remand. They are scheduled to appear before the designated court under the OPID Act in Cuttack today.
The scam came to light following a complaint by Manmohan Dora of Bhubaneswar, who alleged that he and thousands of others were duped by Harit Krishi Nidhi Ltd. and M/s Transvision Dream Multi Trade Pvt. Ltd., led by Tushar Bhanjo. Investors were lured with promises of high monthly returns—11% interest and bonus commissions for recruiting others.
Investigation revealed that over ₹123 crore was collected from more than 34,000 investors across Odisha, West Bengal, Assam, Chhattisgarh, Maharashtra, and even Bangladesh. Funds were diverted to personal accounts of family members, including ₹43.67 lakh to Tandra Bhanjo and ₹41 lakh to Dwipika Bhanjo.
Despite being incorporated in West Bengal, the Nidhi company illegally operated across multiple states, violating regulations. The company used social media, brochures, and public meetings to run a pyramid-style Ponzi scheme, with funds even routed into Forex trading and overseas travel.
Tushar Bhanjo, arrested earlier on June 4, 2024, remains in judicial custody. Investigators have seized key evidence including mobile phones, banking documents, and company records. The probe continues to uncover further financial misappropriations and property created from defrauded investor funds.
