EOW arrests partner in Odisha real estate firm for duping depositors

Reported by Santosh Jagdev
Bhubaneswar, May 7:

The Economic Offences Wing (EOW) of Odisha Crime Branch (CB) today arrested Nibas Jena, who used to be a partner of Gayadhar Jena, the managing director (MD) of a real estate company named Sarala Realcon Private Limited, for allegedly cheating 250 people in Khordha district of at least Rs 15 crores after promising them to provide prime land with patta on the outskirts of Bhubaneswar city.

sarala realcon

The accused was arrested by CB officials during a surprise raid at his residence located in Jharpada area under Laxmisagar police limits.

CB officials said Nibas had supported Gayadhar in his business. They both defrauded around 250 people in the city of Rs 15 crores collected from them through the offices of Sarala in Patia and Jharpada here and in Khordha.

The company had collected money in lakhs from the people falsely promising them good land along with pattas in the district, but neither returned the money nor gave them land documents. The company also shut down some of its offices to avoid people’s anger.

“Acting on the complaints filed by a group of depositors from the district, we had arrested Gayadhar on March 16. Today, Nibas was nabbed from his residence and forwarded to the designated court in Cuttack,” said a CB official.


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