Reported by Santosh Jagdev
Bhubaneswar, May 19:
A designated court in Cuttack hearing chit fund cases today granted conditional bail to the Gayadhar Jena, managing director of Sarala Realcon Private Limited, a real estate company, who has been languishing in Jharpada jail after his arrest on March 16 by Economic Offences Wing (EOW) of Odisha Crime Branch (CB).
The court granted him bail on a bank deposit of Rs 8 crore and asked him to surrender his passport. The court also asked the accused for a surety deposit of Rs 30,000 and two bailers and cooperate with the Crime Branch officials in its investigation.
The EOW had arrested Jena for allegedly cheating 250 people in Khordha district of at least Rs 15 crores after promising them prime land with patta on the outskirts of Bhubaneswar city.
The accused was arrested by CB officials during a raid conducted at his office located at Jayadurga Nagar under Laxmisagar police limits. The company also has offices in Khordha, Patia and Jharpada in the city.
CB officials said Jena had defrauded around 250 people in the city of Rs 15 crores collected from them through its offices here and in Khodha.
The company had collected money in lakhs from the people falsely promising them good land along with pattas in the district. The company neither returned the money nor gave them land documents and later shut down some of its offices to escape the people’s anger.
Earlier, Saheed Nagar police had arrested Jena in June 2013 in a similar case.