Odisha: Pvt company director arrested for misappropriating Rs 9 crore
Bhubaneswar: The Economic Offences Wing (EOW) of the Odisha Crime Branch arrested Saroj Kumar Panda, one of the directors of M/s Odyssa Homes & Commercials Pvt. Ltd. on Wednesday for allegedly misappropriating Rs 9 crore on the pretext of providing commercial units.
Panda was apprehended from Jeypore, Koraput while a case has been registered against him under Sections 420, 467, 468, 471, 120-B of the IPC and Section 6 of the OPID Act.
A case was previously registered against the directors of the firm on the basis of a complaint filed by Kalyan Mishra of IRC Village, Bhubaneswar.
The matter pertains to misappropriation of crores of rupees by the real estate company on the pretext of providing commercial units at Ashok Nagar, Bhubaneswar.
“There are five No. of land owners who entered into agreement and registered power of attorney with ‘Maa Basudha Homes’, Kharvel Nagar, Bhubaneswar represented by its proprietor Snigdha Pradhan for development and construction of commercial complex during the year 2012 on sharing basis. Subsequently, Maa Basudha Homes made a collaboration agreement with M/s Odyssa Homes & Commercials Pvt. Ltd. represented by its Directors including the present accused Saroj Kumar Panda to develop, construct, market and to accept the booking amounts for sale of commercial units excluding the share of land owners,” the EOW said in a release.
“During the period 2013-20, M/s Odyssa Homes & Commercials Pvt. Ltd. represented by its Directors accepted the deposits to the tune of Rs.9 Crores approx. from different prospective buyers for the sale of 129 commercial units of ‘Basudha Homes Project’ but failed to hand over the units till date and also did not return the booking amounts. It was also found that the company has made multiple transactions in respect of most of the commercial units. Again, without BDA approval, the company has constructed the third floor in the said complex and has also received booking amounts from different prospective buyers to provide the commercial units in that floor. The company has also deceived the five land owners in giving the commercial units of their share and rather has received the booking amount against their share of units also,” the release said.
During investigation many incriminating documents pertaining to the Basudha Homes Project have been seized, the EOW said.