The Economic Offences Wing (EOW) of Odisha Police has arrested Saroj Kumar Panda, one of the directors of Odyssa Homes & Commercials Pvt Ltd, in a Rs 9 crore cheating case.
Panda was arrested from Jeypore, Koraput, and brought to Bhubaneswar. The arrest was made in connection with a case lodged against directors Odyssa Homes & Commercials Pvt Ltd for misappropriation of crores of rupees by fraudulent means in providing commercial units at Ashok Nagar, Bhubaneswar, EOW officials said.
There are five landowners who entered into agreement and registered power of attorney with Maa Basudha Homes’ Kharvel Nagar, Bhubaneswar represented by its proprietor Snigdha Pradhan for development and construction of commercial complex in 2012 on cost sharing basis.
Subsequently, Maa Basudha Homes made a collaboration agreement with the real estate company to develop, construct, market and to accept the booking amounts for sale of commercial units excluding the share of land owners.
During the period 2013-20, the real-estate firm represented by its directors accepted the deposits to the tune of Rs 9 crore from different perspective buyers for the sale of 129 commercial units of Basudha Homes Project but failed to hand over the units till date and also did not return the booking amounts, the officials said.
The EOW found that the company has made multiple transactions in respect of most of the commercial units. Again, without Bhubaneswar Development Authority (BDA) approval, the company constructed the third floor in the said complex and also received booking amounts from different customers to provide the commercial units in that floor.
The company also deceived the five land owners in giving the commercial units of their share and rather received the booking amount against their share of units also, they said.
Earlier, two directors Manoj Kumar Panda and Aurobinda Santara of Odyssa Homes & Commercials Pvt Ltd were arrested for cheating Rs 20 crore in their Ganapati Homes Project to provide flats to different investors.
Accused Saroj Kumar Panda was involved in both the cases and remained absconding to evade the police arrest.
There are 10 more cases pending against the firm and its directors in different police stations.
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