Rs 4 Crore Fraud: Real Estate Firm MD Arrested For Cheating Flat Buyers In Bhubaneswar

Bhubaneswar: The Economic Offences Wing (EOW), Bhubaneswar, has arrested managing director (MD) of a private firm in an alleged Rs 4 crore cheating case.

The accused has been identified as Deepak Kumar Chhotray of Delanga in Puri district. He is the MD of GLF Infratech Pvt Ltd. He was nabbed from Bhubaneswar on Wednesday and produced before Designated Court (under OPID Act) Cuttack on Thursday.

According to an EOW release, Chhotray had allegedly cheated Anil Kumar Panda and 34 others by promising them plots in the firm’s residential projects at Patrapada. “He then offered them flats at Gadakana, stating that land could not be arranged at Patrapada. The buyers agreed to it, following which, he collected Rs 12 lakh each from 35 prospective buyers from 2016-19.”

Till now, the firm has neither provide them any plot/flat nor returned the money invested.

The investigation revealed that Chhotray had made a false promise to the 35 prospective buyers flats at Patrapada in 2016 without having any land. “Accordingly, an MoU was signed between the accused builder and the buyers. After collecting considerable amounts, the accused MD made the buyers to agree to settle in its new project at Gadakana as no land could be arranged at Patrapada. He then collected Rs 12 lakh each from intending buyers by 2019. However, no land has been acquired by the builder for construction of residential flats till date,” the release said, adding that the company and its MD cheated them of more than Rs 4 crore by executing false documents.

Several incriminating documents, including the money receipts and agreements, have been seized from Chhotray, it added.