Bhubaneswar: The Economic Offences Wing (EOW) of the State Crime Branch today arrested a builder in connection with a bank fraud case worth over Rs 4 crore.
Dusmanta Kumar Muduli, one of the associates of Premananda Mahapatra, Managing Director of Golden View Infrastructure, has been arrested on the basis of a case registered against him on 14th March this year, EOW said in a statement.
He was forwarded to OPID Court in Cuttack.
A case was registered after a complaint was lodged by Prasanta Rath of Nayapalli here against Premananda Mahapatra and his company for misappropriating an amount worth Rs 4.33 crore.
As per the complaint, Premananda along with Dusmanta had cheated 35 customers by misappropriating an amount worth Rs 4.33 crore sanctioned by Canara Bank, Cuttack Road here in September, 2014.
The investigation so far revealed that during September 2014, Canara Bank sanctioned housing loan in favour of 35 intending purchasers of flats for construction of apartment/project named Golden Avenue in Mouza-Bijipur at Tamando on the city outskirts by Golden View Infrastructure Pvt Ltd.
Following this, a tripartite agreement was executed amongst the individual loanees, Canara Bank and Golden View Infrastructure Pvt Ltd, the EOW said.
The investigation further revealed that the first instalment of loan of all the beneficiaries amounting to Rs 4.33 crore was credited to the account of the company. However, the company misappropriated the amount without starting any construction works.
Premananda Mahapatra was arrested on 08. 05.2018.
The further investigation is underway, the EOW added.