BHUBANESWAR: The Economic Offences Wing (EOW) of Crime Branch on Wednesday arrested former Andhra Bank manager and two partners of a real estate firm for cheating around 160 investors on the pretext of providing them plots in Madanpur area here.
The accused are former Bank Manager and secretary of Andhra Bank Employees’ Housing Cooperative Society Prafulla Kumar Sarangi of Bhimatangi, and two partners of Hindustan Developers, Manoj Mohapatra of Cuttack district and Ambika Prasad Mohanty of Bomikhal.
Ratikanta Samal of Satabdi Nagar had lodged a complaint with EOW stating that over 160 investors had deposited Rs 7 crore with Andhra Bank Employees’ Housing Cooperative Society to purchase plots at Hindustan Valley Projects in Madanpur mouza but the deals were never executed.
Acting on the complaint, the agency registered a case on June 4 this year.
According to EOW officers, Sarangi formed the Society to sell plots to the bank’s employees at lower prices.
An account was opened in the name of the society at Chandrasekharpur branch of the bank and Sarangi was authorised to operate it.
On being lured by the former Bank Manager, several employees of the bank, doctors and other professionals invested their money with the society.
Later, the property dealers executed sale deeds in favour of the investors between 2009 and 2011 but did not hand over the plots to them.
“The trio was produced before a court in Cuttack on Wednesday. Investigation into the matter is on,” an officer of EOW said.