Real estate firm staff held for duping 130 home buyers of Rs 15 crore, ET RealEstate

July 21, 2023

BHUBANESWAR: The economic offences wing (EOW) of the state crime branch here on Thursday arrested a senior functionary of a real estate company for allegedly duping 130 home buyers of nearly Rs 15 crore. The accused was identified as Santosh Kumar Rath.

The EOW sleuths had been looking for Rath after arresting the firm’s managing director (MD) Jyoti Ranjan Mishra in May. Rath was posted as additional director in the real estate company.

According to the probing authorities, the company floated a housing project in the Chandaka area in 2016. The firm had announced plans to construct 10 blocks having several 2BHK and 3BHK flats. At least 130 people had deposited around Rs 15 crore in 2016. Though the company had reportedly assured to give possession of the property within 30 months, the project has not been completed yet, EOW sources said.

Swadesh Ray Choudhury, one of the duped victims, lodged a complaint with the EOW in May. Choudhury had booked a 2BHK flat in the project by paying Rs 16 lakh as advance money in 2016.

“I was made to wait every time I contacted the company for my flat. The company always bought time and assured us to hand over the flat,” Choudhury’s complaint read.

EOW said the company’s sole intention was to cheat customers. After taking almost 95% of the total cost of the flats, the company did not hand over any single flat to the investors, an EOW official said.

  • Published On Jul 21, 2023 at 12:00 PM IST

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