EOW arrests real estate director in Odisha

Reported by Santosh Jagdev
Bhubaneswar, Mar 4:

The Economic Offences Wing (EOW) of the Odisha Crime Branch today arrested a director of M/s Land India Real Estate Private Ltd for cheating the depositors by collecting about Rs 8 crore from them with a promise of high returns on the deposit amount.

The arrested, identified as Laxman Panigrahi (57) of Choudhary Sahi of Ganja area in Ganjam district, was forwarded to the First ADJ-cum-designated court in Cuttack.

Talking to the media, Sanjay Kumar Panigrahi, DIG, Crime Branch, said apart from Panigrahi, other directors of the real estate company had cheated the depositors of Polasara and other areas of Ganjam district.

The company, with its head office at Nayapalli (Plot number-N3/430) in the capital city, had managed to lure the people with attractive schemes through leaflets and colourful brochures etc.

“The company had initially paid interest to the old investors by paying them the money deposited by the new investors. Later, it closed down its office in July 2013 without paying the interest and maturity amount to the remaining investors”, the DIG said, adding that the investigation is on.

The EOW has registered cases under sections 420,467,468,471,406,120(B) of IPC and sections 4, 5 and 6 of Prize Chits and Money Circulation Schemes (Banning) Act, 1978 and section 6 of the Odisha Protection of Interest of Depositors (in Financial Establishment) Act, 2011 against the accused.

It may be mentioned that EOW had registered a case in this regard on January 5 this year and later arrested Braja Sundar Mishra and Nrusingha Nath Nanda, directors of the company and forwarded them to court. The duo is now in judicial custody.