Realtor arrested on Rs 50cr land fraud charges

Bhubaneswar:  Tightening its grip on ‘fraudulent’ activities of the city-based realtors, the Economic Offences Wing (EOW) of the Crime Branch of Odisha Police on Wednesday arrested one Narayan Nayak on charges of land fraud worth over Rs 50 crore.

According to officials, Nayak, the owner of Umamani Builders, has allegedly duped some potential land buyers in the state capital in the name of providing lands to them.

After receiving several complaints from the investors, the CB sleuths have arrested Nayak from Bhubaneswar.

The officials have started conducting simultaneous raids on several offices of the real estate firm.

On December 25, 2012, the EOW had arrested Hi-tech group CMD Tirupati Panigrahi and his two aides for allegedly reneging on the promise of providing residential plots to some people after taking crores of rupees from them.

CB officials said, the department has received over 1,000 complaints against Panigrahi and his firm for duping people of nearly Rs 315 crore through fraudulent land deals.