EOW Arrests Real Estate Firm MD For Rs 5 Crore Fraud

**Bhubaneswar:** The Economic Offences Wing (EOW), Bhubaneswar has arrested the Managing Director of Shreya Infrastructure Services Ltd, a real estate agency, for duping over 100 persons of Rs 5 crores on pretext of providing low cost flats in Puri.

A complaint in this regard had been lodged by one Debadutta Routray of Bhubaneswar, based on which the EOW had registered a case on December 17, 2018 and arrested the accused identified as Himanshu Sekhar Nayak, a resident of Aska in Ganjam.

Reportedly, Nayak had opened Registered Office of Shreya Infrastructure Services Ltd at Saheed Nagar here during the year 2014. He had made advertisements for selling of studio apartment at Puri in the name of “Shree Kshetra Kalinga Kutira” at a cost of Rs 9.50 lakh for each unit.

Being induced by the lucrative advertisements, Routray and more than 100 customers had deposited a sum of Rs 5 crores approximately from the year 2014 to 2015 in the said project at Sipasarubali in Puri.

Nayak had executed agreements with the customers to hand over possession of respective flats within 3 years from the date of agreement but he failed to do so and misappropriated the collected amount. When the depositors approached him to refund their amount, they found his office closed and he absconding from the locality.

The accused MD is also involved in six other cases lodged at Saheed Nagar and Pipili police stations. Meanwhile, he has been booked under various sections of Indian Penal Code (IPC) and Odisha Protection of Interests of Depositors (in Financial Establishment) (OPID) Act and forwarded to OPID Court in Cuttack.