Bhubaneswar Real Estate Company Chief Arrested For Cheating Clients, OPID Slapped
**Bhubaneswar**: Odisha Crime Branch’s Economic Offences Wing (EOW) arrested a real estate company’s Managing Director (MD) today morning here on charges of cheating the intended purchasers of housing plots.
The accused has been identified as 46-year-old Prasanna Kumar Patra, MD of Z-Infra Construction Pvt Ltd.
Patra had collected about Rs 12 crore for housing plots from more than 300 intending purchasers between 2010 and 2013. He had guaranteed the customers with low price plots in Jatni area with all basic amenities.
However, Patra did not have the required land documents for the area which he had sold. He registered the land that had no approach road and other amenities.
In some cases, he registered excess area of land to investors with full knowledge that the particular plot did not have much area to sale. In other cases, he simply misappropriated the amount without registering the land. After collecting the money, the accused neither provided litigation free plots with approach road nor refunded the deposited money, as per a press note issued by the EOW.
While further investigation on the matter is currently underway, the accused has been forwarded to Odisha Protection of Interests of Depositors (OPID) Court in Cuttack.
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