Director of Nidhi firm held for cheating investors in Odisha

The accused used social media, leaflets, brochures and conducted meetings to lure the investors.
Image used for representational purposes only.
Image used for representational purposes only.

BHUBANESWAR: The Economic Offences Wing (EOW) of the Crime Branch arrested Tusar Bhanjo, director of Harit Krishi Nidhi Limited, from Kolkata for allegedly cheating 34,000 investors in various states and neighbouring Bangladesh of a whopping Rs 123 crore.

EOW had registered a case against Harit Krishi and M/S Transvision Dream Multi Trade Pvt Ltd along with Bhanjo, director of both firms, on May 28 this year after receiving complaint from an investor, Manmohan Dora of Bhubaneswar.

Dora alleged Bhanjo lured him and thousands of other depositors to invest in his company to avail high returns including monthly interest of 11 per cent (pc) along with 4 pc to 5 pc extra commission for adding new members. Bhanjo also promised the investors a monthly salary of Rs 4,000 and Rs 8,000 over an investment of Rs 4 lakh and Rs 8 lakh respectively.

The accused used social media, leaflets, brochures and conducted meetings to lure the investors. Dora, joined Harit Krishi as its member by depositing Rs 4,000 in 2023. He later deposited Rs 2 lakh in the company’s bank account and opened three wallet IDs while depositing a total of Rs 2.17 lakh in them and received 11 per cent interest only for a month. Thereafter, no amount was paid to Dora as Bhanjo allegedly fled with the money of thousands of investors, the EOW said.

During investigation, EOW officials found out that Bhanjo had earlier formed Transvision Dream and the company was registered with ROC, Cuttack. He started Harit Krishi, a nidhi company, in 2023 and the firm was incorporated with ROC, West Bengal. A nidhi company is a type of organisation in Indian non-banking finance sector whose core business is borrowing and lending money between its members.

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