Bhubaneswar: The Economic Offences Wing, Bhubaneswar has arrested one Aurobinda Santara, Managing Director of M/s Odyssa Home & Commercials Pvt. Ltd. a Real Estate company on charges of duping around 42 investors of Rs 20 crore.
Santara was arrested from Nayapali and produced before the Odisha Protection of Interest of Depositors (OPID) Act Court in Cuttact on Wednesday.
The EOW acted on a complaint by one Ranjan Kumar Mohapatra, a victim of this fraud. Directors of M/s Odyssa Homes & Commercials lured potential flat buyers with attractive offers in a project named ‘Ganapati Homes’ located in Sampur Mouza near Kalinga Studio, in front of SOS Village, the EOW stated.
“Investigation of the case revealed M/s Odyssa Home & Commercials Pvt. Ltd. is incorporated with ROC, Cuttack having its registered office at Nayapalli, Bhubaneswar. Its two born Director and Managing Director are Manoj Kumar Panda and the present accused, Aurobindo Santara respectively,” the EOW said.
It was found during the investigation the Directors of the accused company M/s Odyssa Home & Commercials Pvt. Ltd. during the period from 2013 to 2016 collected around Rs 20 crore from 42 investors to provide them with flats at their project ‘Ganapati Homes’.
They had promised to handover the flats by 2018 and agreements & MoUs were also executed. But, till now no flat has ever been allotted to any of the investors.
“Rather, in order to cheat the investors, the Directors of the company are knowingly lingering the process to handover the plots and in the meanwhile have also resold seven flats out of them to other customers,” the EOW added.
During investigation, so many incriminating documents like agreements, money receipts etc. have been seized. It has been ascertained that the company represented through its Directors including the present accused, Aurobindo Santara though had collected crores of rupees from the intending buyers.
“They failed to deposit the same in the bank, though they were supposed to do the same. Thereby, they also cheated the banks and misappropriated the public money. The project is also not registered with RERA. Investigation of the case is continuing,” the EOW added.
