Odisha EOW arrests Real Estate Company Managing Director for Rs 15 cr fraud

Bhubaneswar: The Odisha Economic Offences Wing has arrested the Managing Director (MD) of a real estate company for allegedly duping investors to the tune of crores on the pretext of giving flats. The accused, identified as

Jyoti Ranjan Mishra, MD of the firm Mishra Creations Pvt. Ltd, was arrested basing on the complaint of one Swadesh Ray Chaudhury of Rasulgarh in Bhubaneswar who alleged that the company duped him along with other investors in the name of giving flats under its project ‘UTOPIA’ at Chandaka. As per the complainant, he had booked a flat under the said project in 2016 and given an advance amount of Rs 16 lakh to the accused MD. He had incurred a bank loan to give the advance and also entered into a tripartite agreement with the builder and the bank. The flat was to be handed over within 30 months, but till date no flat was given to him by the real estate
company nor he was refunded the invested amount.

Similarly, as many as 127 investors have been defrauded to the tune of Rs 15 crore since 2016, all of whom had bought flats under the project with the same assurance but with no progress till now. The investors were made to enter into a tripartite agreement for financing with the banks. After taking almost 95% of the total cost of the flats, the real estate company did not hand over any single flat to the investors even after the elapse of 8
years and was giving false assurance to deliver the flat from time to time under different
pretexts, an official release of the EOW stated.

It was also found that the accused MD has done multiple transactions in respect of a good number of flats booked earlier in the name of different investors. During investigation so many incriminating documents have been seized from the arrested accused. He has been booked under Sec. 6 of OPID Act, 2011 and will be produced before the Designated Court under OPID Act, Cuttack. Investigation of the case is continuing, official sources informed.