EOW arrests woman, daughter from Kolkata for Rs 123 crore chit fund scam
Dwipika Bhanjo (53) and Tandra Bhanjo (26), allegedly transferred substantial portions of the fraudulently collected deposits to undisclosed accounts in Bangladesh and China, as per EOW officers. Dwipika's husband, Tusar Bhanjo, is in judicial custody following his arrest in the case on June 4, 2024.
"The mother-daughter duo were on the run following Tusar's arrest. Tusar, a school dropout, had plans to expand his illegal business to Dubai," said DG (crime branch), Vinaytosh Mishra.
EOW said that Tusar set up an unauthorised chit fund operation through a Nidhi company in West Bengal in 2023. A Nidhi company operates as a non-banking financial institution that facilitates borrowing and lending among its members.
Tusar additionally established a private organisation in Odisha. Tusar, his wife and daughter occupied senior positions in both enterprises. The accused set up offices in Odisha, West Bengal, Assam and Chhattisgarh.
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"The accused enticed investors by offering substantial returns, including 11% monthly interest plus 4% to 5% additional commission for recruiting new members. They also guaranteed monthly payments of Rs 4,000 and Rs 8,000 for investments of Rs 4 lakh and Rs 8 lakh respectively," Mishra said.
The company ceased operations in 2024, merely a year after beginning its unlawful activities. The accused allegedly used investors' funds for international travel.
"We are trying to find out the exact amount of money siphoned off to benami accounts in Bangladesh and China. The suspected hawala transactions are being investigated," Mishra said.
The company used social media, printed materials and organised meetings at premium hotels in Bhubaneswar to attract investors. On May 28, 2024, Manoranjan Dora, a victim from Bhubaneswar, filed a complaint after losing nearly Rs 2.17 lakh.
He received the promised 11% interest for just one month before payments ceased.
EOW investigations revealed that the company duped about 10,000 individuals, predominantly suspected Bangladeshi nationals living in West Bengal, Assam and Tripura. Through these connections, they expanded their scheme into Bangladesh, defrauding around 750 people in the neighbouring country.
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