EOW: EOW arrests director of 2 companies who duped investors of ₹123 crore | Bhubaneswar News
Bhubaneswar: The economic offences wing (EOW) of the state crime branch on Saturday arrested a director of two ponzi firms for allegedly cheating and misappropriating Rs 123 crore.
Tushar Bhanjo was nabbed in Kolkata and after being produced in a court in Alipore, he was brought here on transit remand.
He has been booked under Sections 420, 467, 468, 471 and 120B of the IPC and sections 4/5/6 of PCMCS (Banning) Act.
According to EOW, Bhanjo, who is the director of Harit Krishi Nidhi Ltd, M/s Transvision Dream Multi Trade Private Ltd, promised high returns, like monthly interest of 11% on the invested amount, apart from 4%-5% extra commission on adding new members.
The company also promised to give a monthly salary of Rs 4,000 upon an investment of Rs 4 lakh and Rs 8,000 on an investment of Rs 8 lakh.
“In order to trap the investors, Bhanjo was using social media, leaflets, brochures and conducted physical meetings. He opened offices of the Nidhi Company in Odisha, Chhattishgarh and Assam, in violation of Nidhi rules. Nidhi company cannot operate beyond the state of its incorporation. Further, chit fund activities are prohibited in Nidhi company and yet Bhanjo ran the ponzi scheme. A Nidhi company is a kind of a non-banking financial company, which borrows and lends money to its members only and is dependent on the principle of mutual benefits. It cannot deal with chit funds,” an EOW officer said.
Subsequently, one aggrieved investor, Manmohan Dora, filed a complaint, following which, EOW took up investigation.
EOW said the company has cheated around 34,000 investors of Odisha, West Bengal, Chhattisgarh, Assam, Tripura, Maharashtra and Bangladesh. “Even invested money has been shifted to accounts in Bangladesh and China,” the EOW officer said.
Tushar Bhanjo was nabbed in Kolkata and after being produced in a court in Alipore, he was brought here on transit remand.
He has been booked under Sections 420, 467, 468, 471 and 120B of the IPC and sections 4/5/6 of PCMCS (Banning) Act.
According to EOW, Bhanjo, who is the director of Harit Krishi Nidhi Ltd, M/s Transvision Dream Multi Trade Private Ltd, promised high returns, like monthly interest of 11% on the invested amount, apart from 4%-5% extra commission on adding new members.
The company also promised to give a monthly salary of Rs 4,000 upon an investment of Rs 4 lakh and Rs 8,000 on an investment of Rs 8 lakh.
“In order to trap the investors, Bhanjo was using social media, leaflets, brochures and conducted physical meetings. He opened offices of the Nidhi Company in Odisha, Chhattishgarh and Assam, in violation of Nidhi rules. Nidhi company cannot operate beyond the state of its incorporation. Further, chit fund activities are prohibited in Nidhi company and yet Bhanjo ran the ponzi scheme. A Nidhi company is a kind of a non-banking financial company, which borrows and lends money to its members only and is dependent on the principle of mutual benefits. It cannot deal with chit funds,” an EOW officer said.
Subsequently, one aggrieved investor, Manmohan Dora, filed a complaint, following which, EOW took up investigation.
EOW said the company has cheated around 34,000 investors of Odisha, West Bengal, Chhattisgarh, Assam, Tripura, Maharashtra and Bangladesh. “Even invested money has been shifted to accounts in Bangladesh and China,” the EOW officer said.
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