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EOW Arrests Bhubaneswar-Based Realtor For Rs 5 Crore Fraud


04 February 2019

OMMCOM NEWS


Bhubaneswar: The Economic Offences Wing on Monday arrested the Director of M/s Shreya Infrastructure Services Limited, Gatikrushna Dash for duping customers of nearly Rs 5 crore on the pretext of providing low cost residential apartments in Puri.

Reportedly, one Debadutta Routray of Bhubaneswar had lodged a complaint with the EOW on December 17, 2018, regarding cheating and fraud committed by Managing Director and other authorities of M/s Shreya Infrastructure Services Limited.

During investigation, the EOW found that the firm's MD Himanshu Sekhar Nayak and others had opened its Registered Office at Saheed Nagar in Bhubaneswar during the year 2014. They advertised for selling of studio apartments at Puri in the name of "Shree Kshetra Kalinga Kutira" at a cost of Rs.9.50 lakh for each unit.

Being induced by the lucrative advertisements, Debadutta and more than 100 customers had deposited a sum of Rs 5 crores approximately from the year 2014 to 2015 against the said project at Sipasarubali, Puri.

Dash, executed agreements with the customers to hand over possession of respective flats within 3 years from the date of agreement as Authorized Signatory of the company. However, the company failed to provide the flats and accused MD and Director misappropriated the collected amount.

The depositors approached him to refund the deposited amount but he absconded alongwith Managing Director and others from the locality closing office at Bhubaneswar with an ulterior motive and thus cheated the customers.

Investigation further revealed that Dash, though inducted as Director of the Company in the year 2014 was signing the agreement with the intending purchasers of flats prior to that also as Authorised Signatory of the Company by entering into criminal conspiracy with MD Nayak.

The Managing Director Nayak has already been arrested in this case on January 3, 2019. Besides, MD of Real Value Developers & Builders Pvt Ltd Ramachandra Patra has also been arrested in the case on January 30 in connection with the case. Both are still in judicial custody.