BHUBANESWAR: The Economic Offences Wing (EOW) of Crime Branch arrested the proprietor of Sadangi Traders for allegedly duping flat buyers to the tune of over Rs 1.15 crore in connivance with the directors of real estate firm Basera Designs private limited.
The accused was identified as Amaresh Chandra Sarangi. One of the victims, Jyoti Shankar Panda, had lodged a complaint with EOW alleging that the officials of the real estate firm had executed an agreement to provide him a 3-BHK flat at Sijua in the Capital under their project Basera Fresco.
The managing director of Basera Designs executed an agreement with Jyoti for acquisition of ownership in April, 2016 and allotted him a flat for a price of Rs 41.50 lakh. The complainant was assured to get the possession of the flat by June 2017.
However, the real estate firm officials neither provided him the flat nor refunded the advance payment he made during the agreement. They also did not renew Bhubaneswar Development Authority’s approval after failing to complete Basera Fresco project within the stipulated time of three years.
The victim had availed a housing loan of Rs 32 lakh from Allahabad Bank’s Old Station Square branch. A tripartite agreement was executed between the bank, builder and Jyoti, while Amaresh was made a witness.
In the first phase, a loan of Rs 18.50 lakh was released by the bank in favour of the complainant and the amount was credited to the account of Basera Designs. Later, officials of the real estate firm later shut down their office in Palasuni and fled.
Meanwhile, the victim is continuing to repay the loan amount along with interest to the bank. Sources said the real estate firm directors have duped many others to the tune of crores of rupees on the assurance of providing them flats under Basera Fresco and other projects.
In many instances, Basera Designs diverted funds to the account of Sadangi Traders, which is also a real estate firm. "The directors of Basera Designs are absconding and efforts are underway to nab them," said an EOW officer.