Odisha EOW Arrests Real Estate Firm MD For Duping Investors Of Rs 15 Crore

Bhubaneswar: The Economic Offences Wing (EOW) of Odisha police on Tuesday arrested the Managing Director of a real estate company for allegedly cheating investors of more than Rs 15 crore.

The accused was identified as Jyoti Ranjan Mishra, Managing Directors of M/s Mishra Creations Pvt. Ltd. He is going to be produced before the designated court under OPID Act.

Mishra was arrested on the basis of a written complaint by Swadesh Ray Chaudhury of Rasulgarh, Bhubaneswar alleging that he as well as other investors were cheated in the name of giving flats in the project ‘UTOPIA’ at Chandaka of M/s Mishra Creations Pvt. Ltd, a press release from EOW said.

The complainant has booked a flat in the project during 2016 and advanced an amount of Rs 16 lakh to accused Mishra. He has incurred a bank loan to give the advance and has 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.

The accused has collected over Rs 15 crore from 127 investors from 2016 onwards to provide them with flats in the project ‘UTOPIA’ at Anlapatna, Chandaka. It was promised by the real estate company to hand over the flats within 30 months of booking. The investors were made to enter into a tripartite agreement for financing with the banks.

After taking almost 95 per cent of the total cost of the flats, the real estate company did not hand over a single flat to the investors even after 8 years and was giving false assurance to deliver the flat from time to time on different pretexts.

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 many incriminating documents have been seized from the arrested accused. Investigation of the case is continuing.