Bhubaneswar: The Economic Offences Wing (EOW) of the Odisha Crime Branch today arrested the Managing Director (MD) of a Real Estate Company for allegedly duping more than 300 persons to the tune of Rs 12 crore on the pretext of providing them plot on the outskirts of Bhubaneswar.
The arrested has been identified as Prasanna Kumar Patra (46), MD of Z-Infra Construction Private Limited.
According to police sources, Patra had collected about Rs 12 crore from over 300 persons between 2010 and 2013 for providing them housing plots with all amenities at Kansapada near IIT, Bhubaneswar under Jatni Tehsil.
At the time of receiving the amount, the accused had not acquired the required land for selling. Later, he registered the land in the name of some of the investors, which lacked approach road and amenities.
In some 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 amount.
Acting on a complaint filed against him by one Manoranjan Mishra of Bhubaneswar, the agency registered a case and arrested the accused. He will be forwarded to OPID Court, Cuttack.