Mrunal Manmay Dash

The Director of Odyssa Homes & Commercials Pvt Ltd, Saroj Kumar Panda was arrested by the Odisha Economic Offences Wing (EOW) on Thursday for misappropriating Rs 9 crore on the pretext of providing commercial units at Ashok Nagar in Bhubaneswar.

Panda was arrested from Jeypore in Koraput under EOW PS Case No.09 dt.07.03.2023 U/s 420/467/468/471/120-B IPC r/w Sec.6 OPID Act. He will be produced before the OPID court, Cuttack.

The EOW arrested Panda on the written allegation by Kalyan Mishra of IRC Village, Bhubaneswar against the Directors of M/s Odyssa Homes & Commercials Pvt. Ltd. for misappropriation of crores of rupees by fraudulent means by the Real Estate Company in providing commercial units at Ashok Nagar, Bhubaneswar.

According to an EOW release, five land owners had entered an agreement and registered power of attorney with Maa Basudha Homes at Kharvel Nagar in Bhubaneswar, represented by its proprietor Snigdha Pradhan for the development and construction of a commercial complex in 2012 on sharing basis.

Subsequently, Maa Basudha Homes made a collaboration agreement with Odyssa Homes & Commercials Pvt Ltd to develop, construct, market complex and accept booking amounts for the sale of commercial units, excluding the share of land owners.

During the period 2013-20, M/s Odyssa Homes & Commercials Pvt. Ltd. accepted deposits to the tune of Rs 9 Crore from different prospective buyers for the sale of 129 commercial units of ‘Basudha Homes Project’ but failed to hand over the units till now and also did not return the booking amounts.

The company has also constructed the third floor in the said complex without BDA approval and has also received booking amounts from different prospective buyers.

It is pertinent to mention here that two Directors namely Manoj Kumar Panda and Aurobinda Santara of M/s Odyssa Homes & Commercials Pvt. Ltd. were arrested earlier by the EOW for cheating investors of Rs 20 crore in the pretext of providing homes. Accused Manoj Kumar Panda is still in jail.

  • Reported by:
  • ALOK MOHANTY
scrollToTop