Bhubaneswar: Maheswar Sahu, Managing Director (MD) of city-based M/s MX Infra Ltd, was arrested by the Economic Offences Wing (EOW) of the Crime Branch today on a fraud case involving Rs 4 crore.
Sahuis booked under Sections 406, 420, 467, 468, 471, 120-B of the IPC r.w. Sec 6 of OPID Act, 2011 and forwarded to the Designated Court under OPID Act at Cuttack later in the day.
A written complaint was registered by Amiya Kumar Pattanaik that Sahu had duped 13 persons including him to the tune of Rs 4 cr on the pretext of providing them duplex in the MX Infra New Citizen Housing (Duplex) project located at Mouza Uttermundamuhana under Jatni PS.
A press note of the EOW said the investigation revealed that the accused in 2016 had advertised for the proposed duplex housing project to be constructed. Thirteen intending buyers, including the complainant, had booked houses while cost of each duplex was Rs 55 lakh.
Although the agreement was executed with the intending buyers for handing over the duplexes in 2017, he did not make any progress in construction and completion of the project despite having collected over Rs 4 cr from the intending buyers in installments.
The press note said the accused has neither provided the buyers any house/duplex nor refunded money till date in spite of several persuasions.