Odisha EOW arrests builder in Rs 9 cr dishonest case

Bhubaneswar: The Economic Offences Wing (EOW) of Odisha Police has arrested Saroj Kumar Panda, certainly one of many directors of Odyssa Homes & Commercials Pvt Ltd, in a Rs 9 crore dishonest case.

Panda was arrested from Jeypore, Koraput, and dropped at Bhubaneswar. The arrest was made in reference to a case lodged in direction of directors Odyssa Homes & Commercials Pvt Ltd for misappropriation of crores of rupees by fraudulent means in providing industrial fashions at Ashok Nagar, Bhubaneswar, EOW officers said.

There are 5 landowners who entered into settlement and registered vitality of authorized skilled with Maa Basudha Homes’ Kharvel Nagar, Bhubaneswar represented by its proprietor Snigdha Pradhan for development and growth of financial difficult in 2012 on value sharing basis.

Subsequently, Maa Basudha Homes made a collaboration settlement with the precise property agency to develop, assemble, market and to easily settle for the reserving portions available on the market of financial fashions excluding the share of land homeowners.

During the interval 2013-20, the real-estate company represented by its directors accepted the deposits to the tune of Rs 9 crore from completely totally different perspective customers for the sale of 129 industrial fashions of Basudha Homes Project nonetheless failed helpful over the fashions till date and as well as did not return the reserving portions, the officers said.

The EOW found that the company has made various transactions in respect of lots of the industrial fashions. Again, with out Bhubaneswar Development Authority (BDA) approval, the company constructed the third floor throughout the said difficult and as well as acquired reserving portions from completely totally different shoppers to produce the commercial fashions in that floor.

The agency moreover deceived the 5 land homeowners in giving the commercial fashions of their share and comparatively acquired the reserving amount in direction of their share of fashions moreover, they said.

Earlier, two directors Manoj Kumar Panda and Aurobinda Santara of Odyssa Homes & Commercials Pvt Ltd had been arrested for dishonest Rs 20 crore of their Ganapati Homes Project to produce flats to completely totally different consumers.

Accused Saroj Kumar Panda was involved in every the cases and remained absconding to evade the police arrest.

There are 10 additional cases pending in direction of the company and its directors in a number of police stations.

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(IANS)