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Real Estate Fraud: Odisha Crime Branch EOW Arrests Ex-Bank Manager, Two Builders


26 June 2019

OMMCOM NEWS


Bhubaneswar: A former manager of Andhra Bank and two property builders were arrested by the Economic Offences Wing (EOW) of Odisha Crime Branch on Wednesday in connection with a real estate scam amounting to Rs 7 crore.

Reportedly, Ex-Andhra Bank Manager Prafulla Kumar Sarangi, a resident of Bhimatangi in Bhubaneswar, has formed a society namely Andhra Bank Employees Housing Co-operative Sociey for the purpose of selling housing plots in relatively lower price to Andhra Bank Employees at Bhubaneswar.

An account in the name of the society was opened at Andhra Bank Chandrasekharpur branch and Sarangi was authorised to operate the account.

Being induced by Sarangi, 160 investors including bank employees, doctors and other professionals had deposited around Rs 7 crore in the account for purchase of plots at Hindustan Valley Projects of the Society located at Madanpur Mouza.

Following it Sarangi executed a MoU with property dealer Hindustan Developers represented by its partners Manoj Kumar Mohapatra and Ambika Prasad Mohanty. He directed them to provide developed plots to the investors.

While the property dealers executed the sale deeds to the investors during the 2009-11, they failed to give the possession as they did not have absolute right, title and possession of the property.

Thereafter, in spite of repeated requests by the investors the accused persons did not take any step to give possession of these plots.

It was after an investor identified as Ratikanta Samal lodged a complaint with the EOW, the three were arrested.