BHUBANESWAR: Sahid Nagar police on Tuesday arrested the managing director of a real estate firm, Evos Buildcon Pvt Ltd, on charges of fraud.
The accused, KK Rath, had taken more than `2.2 lakh from one Srikant Kumar Patra of Bharatpur area in the City after promising him an interest of 21 per cent, a plot and a two BHK flat in Chandaka.
While Patra had deposited the money in Rath’s firm for three years till 2013, he neither got the promised return nor properties mentioned in the sale deed and financial agreements.
A few days back, Rath had given a cheque of `1 lakh to Patra which was dishonoured by a private bank. The accused was booked under Section 420 and produced in a local court which sent him to judicial custody.