Bhubaneswar: The Economic Offences Wing (EOW) of the Odisha Crime Branch has arrested Managing Director of city-based Siridi Sai Real Estate for allegedly duping investors worth Rs 10 crore.
Informing this to media EOW Deputy Inspector-General Rajesh Kumar said, “We have arrested Prakash Chandra Panda of Siridi Sai Real Estate on charges of cheating investors. During investigation we came to know he had accumulated over Rs 10 crore from prospective buyers in Bhubaneswar, Cuttack, Puri and the nearby areas on false promises of offering plots and flats.”
The official stated that Panda neither could stick to his promises nor returned money to the investors.
“We’ll forward him to court today,” Panda said.
In April 2013, based on a writ petition, the HC has directed the EOW to register a case against Panda.
Kumar informed the media that two four wheelers belonging to Panda have also been seized.