Builder Arrested For Duping Customers Of Rs 5 Cr In Bhubaneswar

30 January 2019


Bhubaneswar: The Economic Offences Wing (EOW) of State Crime Branch have arrested the director of a real estate firm on charges of fraud. The accused Rama Chandra Patra, the managing director of Real Value Developers was arrested on the complaint of one Debadutta Routray of Bhubaneswar.

As per Routray’s complaint, Patra and Himanshu Sekhar Nayak, MD of Shreya Infrastructure collected a large sum of money from him on the pretext of providing flats. The amount was misappropriated later.

According to the EOW, Patra and Nayak collected Rs 5 crore from around 100 customers on the pretext of providing luxurious apartments at Puri’s Sipasarubali at a cost of Rs 9.50 lakh for each unit during the year 2014 to 2015.

As per the agreement executed with the customers, the accused MD was supposed to hand over possession of respective flats within 3 years from the date of the agreement but deliberately failed to do so and cheated the customers by misappropriating the collected amount.

Nayak was arrested on January 3 this year and is currently in judicial custody. Patra was booked under multiple Sections of the IPC and OPID Act.