Bhubaneswar, July 20 (FN Agency) An Additional Director of a Real Estate Company was arrested by the Economic Offence Wing (EOW) from Bhubaneswar on the charge of cheating investors in the name of giving flats. EOW sources here said the accused Santosh Kumar Rath, Additional Director of M/s Mishra Creations Pvt. Ltd. a Real Estate company, was arrested on Thursday u/s 406/420/ 467/468/471/120-B IPC r.w. Sec. 6 of OPID Act, 2011. He will be produced before the Designated Court under OPID Act, Cuttack. A case was registered against the Managing Director of Real estate company on the basis of a written complaint by one Swadesh Ray Chaudhury alleging cheating in the name of giving flats in the project ‘UTOPIA’ at Chandaka .
Swadesh booked a flat in the project in 2016 and paid an advance of Rs.16 lakhs to the Real estate company. As per the agreement, the flat was to be handed over to him within 30 months, but till date neither the flat was handed over to him nor the Real estate company refunded the invested amount. EOW sources said Rath, was looking after the marketing of UTOPIA Project and was appointed as the Additional Director of the company. He along with MD Jyoti Ranjan Mishra has collected more than Rs.15 crores from over 130 investors to provide them with flats in the project ‘UTOPIA’. After taking almost 95 percent of the total cost of the flats, the real estate company did not hand over any single flat to the investors. Earlier, the accused Jyoti Ranjan Mishra, was arrested in this case and he is still in judicial custody.