Vikash Sharma

The Economic Offences Wing (EOW), Bhubaneswar on Tuesday arrested Jyoti Ranjan Mishra, Managing Director of M/s Mishra Creations Pvt. Ltd, a Real Estate company, on charges of cheating investors by promising flats in a project.

As per reports, the accused had duped investors to the tune of over Rs 15 crore. Mishra was arrested based on the complaint filed by one Swadesh Ray Chaudhury of Rasulgarh area in Bhubaneswar.

The complainant had alleged that Mishra had assured him and other investors to allot flats in the project ‘UTOPIA’ at Chandaka. The complainant had booked a flat under the project in 2016 and provided Rs 16 lakh to the accused after taking a bank loan by entering into a tripartite agreement with the builder and the bank.

Though the flat was to be handed over within 30 months, neither it was given to the complainant by the real estate company, nor the invested amount was refunded.

The EOW officials said the arrested accused had collected amount to the tune of Rs 15 crore from 127 investors from 2016 onwards to provide them with flats in the project ‘UTOPIA’ at Anlapatna, Chandaka.

“After taking almost 95% of the total cost of the flats, the real estate company did not hand over any single flat to the investors even after the elapse of 8 years and was giving false assurance to deliver the flat from time to time under different pretexts,” said EOW in a release.