Bhubaneswar: Economic Offences Wing of Crime Branch in Bhubaneswar has arrested Saroj Kumar Panda, one of the directors of Odyssa Homes & Commercials Pvt Ltd, Wednesday from Koraput district’s Jeypore town for cheating of Rs 9 crore in the name of providing commercial unit.
Panda was absconding to evade police arrest.
Earlier Two directors of the company — Manoj Kumar Panda and Aurobinda Santara — were arrested.
EOW sources here said Panda would be produced before court under Odisha Protection of Interests of Depositors(OPID) Act, 2011 in Cuttack Thursday.
A case was registered on the allegation of one Kalyan Mishra of IRC Village, Bhubaneswar against the directors of M/s Odyssa Homes & Commercials Pvt Ltd for misappropriation of crores of rupees by fraudulent means by the real estate company in providing commercial units at Ashok Nagar, Bhubaneswar.
Five land owners entered into agreement and registered power of attorney with ‘Maa Basudha Homes’, Kharvel Nagar, Bhubaneswar represented by its proprietor Snigdha Pradhan for development and construction of commercial complex during 2012 on sharing basis.
Subsequently, Maa Basudha Homes made a collaboration agreement with M/s Odyssa Homes & Commercials Pvt Ltd represented by its directors including the accused Saroj Kumar Panda to develop, construct, market and to accept the booking amounts for sale of commercial units excluding the share of land owners.
During 2013-20, M/s Odyssa Homes & Commercials Pvt Ltd accepted deposits to the tune of Rs 9 Crores approximately from different prospective buyers for the sale of 129 commercial units of ‘Basudha Homes Project’ but failed to hand over the units till date and also did not return the booking amounts.
During investigation, it was also found that the company has made multiple transactions in respect of most of the commercial units. The company has constructed the third floor in the said complex without the approval of Bhubaneswar Development Authority and has also received booking amounts from different prospective buyers to provide the commercial units in that floor.
The company allegedly deceived the five land owners in giving the commercial units of their share and has received the booking amount against their share of units also.
Ten more cases are pending against M/s Odyssa Homes & Commercials Pvt Ltd and its directors in different police stations.
UNI