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Odisha: EOW arrests builder in Rs 9 crore fraud case

jaswant singh by jaswant singh
June 1, 2023

Odisha: EOW arrests builder in Rs 9 crore fraud case Bhubaneswar, June 1 (). The Economic Offenses Wing (EOW) of the Odisha Police has arrested Saroj Kumar Panda, one of the directors of Odisha Homes & Commercials Pvt Ltd, in connection with a Rs 9 crore fraud case.

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Panda was arrested from Jaipur in Koraput district and brought to Bhubaneswar. EOW officials said that a case of misappropriation of crores of rupees was registered against the directors of Odisha Homes and Commercials Pvt Ltd by fraudulently giving commercial units in Ashok Nagar, Bhubaneswar.

In 2012, five people entered into an agreement and power of attorney with Maa Basudha Homes, Kharavela Nagar, Bhubaneswar, to build a commercial complex on their land on cost-sharing terms. Maa Basudha Homes was represented by its owner Snigdha Pradhan.

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Maa Basudha Homes then entered into a collaboration agreement with a real estate company for development, construction, marketing and booking of commercial units, excluding the land owners’ share.

Officials said the real estate company took Rs 9 crore as booking amount for the sale of 129 commercial units between 2013-20, but did not give the money to Basudha Homes Project nor return the booking money to the customers.

The EOW found that the company has entered into multiple transactions in respect of most of the commercial units. Further, he constructed third floor in the said premises without the approval of Bhubaneswar Development Authority (BDA) and also received booking amount from various customers for providing commercial units in that floor.

He said that the company also duped five land owners into giving them their share of commercial units and in return received booking amount in lieu of their share of units.

Earlier, Manoj Kumar Panda and Arabinda Santara, two directors of Odisha Homes and Commercials Pvt Ltd, were arrested on charges of cheating them of Rs 20 crore in their Ganpati Homes project for providing flats to various investors.

The accused Saroj Kumar Panda was involved in both the cases and had absconded to avoid being caught by the police.

There are 10 more cases pending against the firm and its directors in various police stations.

akj

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