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The Economic Offence Wing (EOW), Bhubaneswar has arrested a builder in Bhubaneswar on Thursday for allegedly duping more than 130 investors of Rs 15 crore.
The accused has been identified as Santosh Kumar Rath who is the Additional Director of real estate company M/s Mishra Creations Pvt. Ltd.
Rath will be produced before the designated Court under OPID Act in Cuttack.
A case was registered against Rath and he was arrested on the basis of the written allegation of Swadesh Ray Chaudhury of Rasulgarh regarding the cheating on him and as well as other investors in the name of giving flats in the company’s project ‘UTOPIA’ at Chandaka.
Chaudhury booked a flat in the above-said project during the year 2016 and advanced an amount of Rs.16 lakhs to the accused MD of the company Jyoti Ranjan Mishra. He has incurred a bank loan to give the advance and has also entered into a tripartite agreement with the builder and the bank. The flat was to be handed over within 30 months, but till date no flat was given to him by the real estate company nor he was refunded the invested amount.
The arrested accused Rath was looking after the marketing of the UTOPIA project. Later, he was appointed as the Additional Director of the company. He along with Mishra has collected more than Rs.15 crores from more than 130 investors from 2016 onwards to provide them flats in the project.
It was promised by the real estate company to hand over the flats within 30 months of booking. The company was constructing 10 number of blocks (A-J) in the above project at Chandaka. The investors were made to enter into a tripartite agreement for financing with the banks. 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 eight years and was giving false assurance to deliver the flat from time to time under different pretexts.
It was also found that, Rath along with Mishra has done multiple transactions in respect of a good number of flats booked earlier in the name of different investors.
Earlier, accused Mishra had been arrested in this case and is still in judicial custody. Further investigation into the incident is currently underway.
