June 9th 2024.
In a recent development, the Economic Offences Wing of the Odisha Police has taken into custody the director of a ponzi scheme company from West Bengal. The accused, identified as Tusar Bhanjo, was apprehended from his residence in Haridevpur area of Kolkata and brought to Bhubaneswar on a transit remand, as stated by the EOW in a statement released on Saturday.
The case was initiated after Manmohan Dora of Bhubaneswar filed a written complaint against Harit Krishi Nidhi Ltd., M/s Transvision Dream Multi Trade Private Limited, and its director, Bhanjo. The investigation found Bhanjo guilty of luring investors, including Dora, to put their money into his company with the promise of high returns. These returns included a monthly interest of 11%, as well as an additional commission of 4-5% for bringing in new members. Furthermore, the company also enticed potential investors with the promise of a monthly salary of Rs4,000 for an investment of Rs4 lakh, and Rs8,000 for an investment of Rs8 lakh, and so on. Bhanjo used various mediums such as social media, leaflets, brochures, and physical meetings to attract investors.
Dora, like many others, fell prey to Bhanjo's deceptive tactics and joined the Harit Krishi Nidhi Company by depositing Rs4,000 in 2023. However, things took a turn for the worse when he invested an additional Rs2 lakh and opened three wallet IDs with a total deposit of Rs2.17 lakh. Despite receiving 11% interest for the first month, no further payments were made to Dora or any other investors. Bhanjo, who absconded with the investors' money, left thousands of people, including Dora, in financial distress.
During the investigation, it was discovered that the accused, Tusar Bhanjo, had previously established M/s Transvision Dream Multi Trade Pvt. Ltd., registered with ROC, Cuttack. In 2023, Bhanjo then went on to incorporate Harit Krishi Nidhi Ltd. with ROC, West Bengal, to further his fraudulent activities.
The arrest of Tusar Bhanjo serves as a warning to those who engage in such illegal activities and prey on innocent people's hard-earned money. It is a victory for the Odisha Police and a step towards bringing justice to the victims of this ponzi scheme. The EOW assures that strict action will be taken against anyone involved in similar fraudulent practices.
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