EOW Arrests Builder for Duping 127 Investors of Rs 15 Cr On Pretext Of Providing Flats

Bhubaneswar: The Economic Offences Wing (EOW) of Odisha has arrested a builder for allegedly duping 127 investors of Rs 15 crore on the pretext of providing them flats.

The accused, Jyoti Ranjan Mishra, Managing Director of M/s Mishra Creations Pvt. Ltd. a Real Estate company, has been arrested today from Bhubaneswar in EOW PS Case No.17 dated 01.05.2023u/s 406/420/467/468/471/120-B IPC r.w. Sec. 6 of OPID Act, 2011. He will be produced before the Designated Court under OPID Act, Cuttack, the EOW said.

Swadesh Ray Chaudhury of Rasulgarh, Bhubaneswar had lodged a written complaint against the builder alleging that the latter duped lakhs from him as well as other investors on the pretext of giving flats in the project ‘UTOPIA’ at Chandaka of M/s Mishra Creations Pvt. Ltd.

According to the plaint, Chaudhury booked a flat in the said project during the year 2016 and advanced an amount of Rs.16 lakhs to the accused MD Jyoti Ranjan Mishra. He incurred a bank loan to give the advance and also entered into a tripartite agreement with the builder and the bank.

The flat was to be handed over within 30 months, but till date no flat was given to him by the real estate company nor he was refunded the invested amount.

As per EOW, the arrested accused Jyoti Ranjan Mishra, MD of M/s Mishra Creations Pvt. Ltd. has collected amount to the tune of Rs.15 Crores from 127 investors from 2016 onwards to provide them with flats in the project ‘UTOPIA’ at Anlapatna, Chandaka. It was promised by the real estate company to hand over the flats within 30 months of booking.

The investors were made to enter into a tripartite agreement for financing with the banks. After taking almost 95% of the total cost of the flats, the real estate company did not hand over any single flat to the investors even after 8 years and was giving false assurance to deliver the flat from time to time under different pretexts.

It was also found that, the accused MD has done multiple transactions in respect of a good number of flats booked earlier in the name of different investors. During investigation so many incriminating documents have been seized from the arrested accused. Investigation of the case is continuing, the EOW added.