Builder arrested for duping people of Rs 1.16 crore in Odisha capital

Bhubaneswar: Economic Offences Wing( EOW) of Odisha Crime Branch has arrested one Amaresh Chandra Sarangi from Bhubaneswar on charges of duping people of about Rs 1.16 crore on the pretext of selling flats.

The accused, a native of Nuagan Barabati village under Fategarh police limits  in Nayagarh district, was produced before the Odisha Protection of Interests of Depositors (OPID) court in Cuttack today. A case has been registered under Sections 420, 406, 467, 468, 471 and 120-B of IPC r.w Section 6 of OPID Act in regard.

As per the complaint, Amaresh along with three others duped him and others of Rs 1,15,82,550 on the pretext of providing flats in their project Basera Fresco at Sijua, Bhubaneswar.

During investigation, it was found that one Prakash Panda and his brother Subha Shankar Panda had booked a 3BHK flat in Basera Fresco, a project of Basera Designs (P) Ltd, for Rs 41.50 lakh. Accordingly, an Agreement for Acquisition of Ownership in Apartment was executed with the MD of Basera Designs Pvt Ltd on April 25 and a flat was allotted to the complainant with the condition that the flat would be handed over by June 30, 2017.

A housing loan of Rs 32 lakh was availed by the complainant from Allahabad Bank for the purpose and a tripartite agreement between the bank, builder and the complainant was also signed, in which the present accused was a witness. Then, the bank released Rs 18.50 lakh, which was credited to the account of Basera Designs Pvt. Ltd.

However, the accused persons neither handed over the flat to the complainant nor did they return the amount received from the complainant.  The accused persons also did not renew the approval of BDA and later closed their office at Palasuni here and absconded. The complainant continues to repay the loaned amount with interest.

Similarly, the accused persons have also cheated many other investors to the tune of Rs 1,15,82,550 on the pretext of selling flats in the Basera Fresco.