Bhubaneswar: The Economic Offences Wing (EOW) of State Crime Branch on Thursday arrested Ashok Sundaray, chief of a real estate firm allegedly for duping people to the tune of Rs 3 crore by executing false sale deeds.
Sundaray, managing director of Arundhati Infratech Private Ltd which operates from Kalinga Vihar area of the capital city had floated a scheme in 2010 for a project named ‘Arundhati Vihar’ under Jatni Tehsil. Being attracted by the ponzi scheme, over 250 buyers entered into agreement with the company through Chairman Nirupama Sundaray for allotment of simplex buildings.
According to EOW, the firm executed sale deeds after taking land cost and part payment against the buildings. It is believed that Sundaray has collected at least Rs 3 crore from the buyers. He was supposed to complete the construction of houses within 18 to 24 months whereas in most cases, the work is yet to begin.