Couple Arrested For Rs 1.5 Cr Fraud In Odisha Capital

Bhubaneswar: The Economic Offences Wing (EOW) here on Tuesday arrested a couple for their alleged involvement in a cheating case.

The arrested have been identified as Biswa Bhushan Biswal and his wife Maheswata Biswal.

Biswal was working as a Joint Director in Madhusudan Das Regional Academy of Financial Management and his wife was working as MD of BN Infra Services Pvt Ltd.

According to sources, they were arrested on the complaint of one Debasis Agara of Chandrasekharpur in Bhubaneswar. He alleged that he had given Rs 1.89 crore to Biswal. Despite an agreement to return the money, he did not do the same and cheated him.

The investigation revealed that the complainant had deposited Rs 1.89 crore in their company after executing five agreements with Maheswata for purchasing five flats.

An amount of Rs 1.4 crore was transferred from his accounts and rest were given in cash. As the flats could not be sold  by the company in due time, an agreement was executed between Biswal and Agara, in which, the latter agreed to return the invested amount Rs 1.89 crores to the complaint failing which he would have to sell the landed property situated at IRC Village, Bhubaneswar.

In another agreement, the couple had promised to pay Rs 1.76 crore as full and final amount. Out of which, they paid only Rs 1 lakh at the time of agreement. But, they neither returned the amount to complainant nor provided the flats to him.

The investigation revealed that they have cheated him of Rs 1,51,30,000.

The couple have been arrested under Section 6 of Odisha Protection of Interests of Depositors (in financial establishments) Act, 2011. They will be produced before Presiding Officer, Designated Court, Under OPID Act, Cuttack, the sources added.