BHUBANESWAR: A 70-year-old man was arrested by Economic Offences Wing of the Crime Branch on Friday on the charges of fraud. The man has been identified as Gurdeep Singh Mastana of Chandigarh, managing director (MD) of GAG Builders and Infrastructure Private Limited.According to EOW officers, the directors of Sarala Realcon Private Limited had collected about `17 crore from the investors between 2005 and 2015 on the pretext of providing them plots in the City.
But, the officials of Sarala Realcon neither executed the deal nor refunded the money of 232 investors. Subsequently, Sarala Realcon diverted a significant amount from public deposits to GAG Builders. Besides this, Sarala Realcon also transferred a substantial amount of the investors money to Nibas Chandra Jena and Kailash Chandra Muduli.
The agency had registered a case under different sections of Odisha Protection of Interest of Depositors (in Financial Establishments) Act. “Singh was arrested from Bhubaneswar and produced in a court in Cuttack,” an EOW officer said.The agency had earlier arrested MD of Sarala Realcon Gayadhar Jena and director of the firm Pankajini Jena. EOW had also arrested Nibas and Kailash in connection with the case.