Real Estate Firm Director Arrested For Rs 5 Cr Fraud

Bhubaneswar: The Economic Offences Wing (EOW) of the Crime Branch has arrested Gatikrushna Dash (48), Director of Shreya Infrastructure Services Ltd, in connection with Rs 5 crore fraud. He has been forwarded to OPID court in Cuttack.

According to sources, Dash was arrested based on a complaint by Debadutta Routray of Bhubaneswar. The other names are, MD Himanshu Sekhar Nayak and some employees of the company. Investigation has revealed that the MD had opened an office in Sahid Nagar, Bhubaneswar in 2014. They advertised for selling of studio apartments at Puri in the name of “Shree Kshetra Kalinga Kutira” at a cost of Rs 9.50 lakh for each unit.

The complainant and more than 100 other customers deposited a sum of Rs 5 crore between 2014 and 2015 for the project at Sipasarubali, Puri.

Dash had executed agreements with the customers to hand over possession of the flats within three years from the date of the agreement. He failed to do so and upon demand for a refund by the depositors, he and the MD closed their office and disappeared.