EOW arrests Sarala Realcon MD

Bhubaneswar: The Economic Offences Wing (EOW) of Crime Branch today raided the main office of city-based real estate firm Sarala Realcon and arrested its managing director Gayadhar Jena for defrauding investors to the tune of Rs 10 crore.

The EOW officials seized important documents and a luxury vehicle from the head office of the company.

According to sources, Jena through his company collected over Rs 10 crore from thousands of investors to sell land on the outskirts of the capital city. The company is alleged to have been involved in fraudulent deals pertaining to land worth over 20 acre.

As per details available, Jena took money from various investors by registering over 20 acre land in and around Bhubaneswar. However, he failed to transfer the land to the buyers or refund the money taken from them.

Crime Branch sources informed that according to preliminary investigations, the amount of money involved in this form is estimated to be around Rs 10 crore and the amount could go up to even Rs 100 crore.

Jena is alleged to have invested the money taken from depositors in Ollywood and has produced some movies, added sources. Jena was earlier arrested by Saheed Nagar police in connection with this matter.

Till last reports came in, raids were on at various places in this connection.