Bhubaneswar, May 16 (Representative) The Managing Director of a Real estate company was arrested by the Economic Offence Wing (EOW) of Odisha Crime branch police on Tuesday for duping Rs 15 crore in providing flat to the people in his project Utopia. EOW sources here on Tuesday said Jyoti Ranjan Mishra, Managing Director of M/s Mishra Creations Pvt. Ltd, a Real Estate company, was arrested, on charges of cheating investors by promising them flats in a project. The arrest was made on the basis of a complaint filed by one one Swadesh Ray Chaudhury of Rasulgarh in Bhubaneswar. The arrested accused will be produced before the Designated Court under OPID Act, Cuttack. In his complaint Swadesh had alleged that he was assured by Mishra to allot a flat in the project ‘UTOPIA’ at Chandaka.
Accordingly he booked a flat in 2016and availed loan from the bank by furnishing a tripartite agreement and handed over Rs 16 lakh to Mishra. Swadesh said although the Real estate company had promised to hand over the flat within 30 months, neither the flat was handed over to him nor his invested money was returned. The EOW officials said the accused had collected amounts to the tune of Rs 15 crore from 127 investors from 2016 onwards to provide them with flats in the project ‘UTOPIA’ at Anlapatna, in the Chandaka area of the capital city.. Although the Real estate company had collected almost 95 percent of the cost of the flat from the people, it failed to provide flats even after eight years and all the time giving false assurances that soon the flats would be handed over to them,EOW sources said. Mishra was giving false assurance to deliver the flat from time to time under different pretexts. It was also found that the accused MD has done multiple transactions in respect of a good number of flats booked earlier in the name of different investors.