Real Estate Firm Director Arrested For Rs 9 Crore Commercial Units Fraud In Bhubaneswar

Bhubaneswar: The Economic Offences Wing (EOW) Of Odisha police has arrested Saroj Kumar Panda, one of the directors of  Odyssa Homes & Commercials Pvt Ltd, for allegedly misappropriating Rs 9 crore on the pretext of providing commercial units at Ashok Nagar in Bhubaneswar.

Saroj will be produced at the Designated Court under OPID, Cuttack, on Thursday. He was arrested on Wednesday on the basis of a complaint lodged by Kalyan Mishra of IRC Village here.

According to an EOW release, five land owners had entered an agreement and registered power of attorney with Maa Basudha Homes, Kharvel Nagar, represented by its proprietor Snigdha Pradhan for development and construction of commercial complex in 2012 on sharing basis. Subsequently, Maa Basudha Homes made a collaboration agreement with Odyssa Homes & Commercials Pvt Ltd to develop, construct, market and accept booking amounts for sale of commercial units, excluding the share of land owners.

From 2013-20, the real estate firm accepted deposits to the tune of Rs 9 crore from prospective buyers for 129 commercial units of Basudha Homes Project. But neither has it hand over the units not returned the booking amounts. It was also found that the company has made multiple transactions for most of the commercial units. It had constructed the third floor on the said complex without BDA approval and also received booking amounts for the same. The company also deceived the land owners by receiving booking amount against their share of units.

Two directors, Manoj Kumar Panda and Aurobinda Santara, were earlier arrested earlier in a Rs 20 crore cheating case, pertaining to Ganapati Homes Project. Panda is still in jail custody.

The EOW said that the arrested accused, Saroj, was involved in both the cases and had been absconding to evade arrest. Several incriminating documents pertaining the Basudha Homes Project were seized during investigation, it further said.

Ten more cases are pending against Odyssa Homes & Commercials Pvt Ltd and its directors in different police stations. Investigation of the cases is on, it added.