BHUBANESWAR: Kharvela Nagar Police on Thursday arrested the managing director of a real estate firm on charges of cheating a school teacher in a land deal to the tune of `13.38 lakh.
The accused has been identified as Lingaraj Behera, who owns a company named Capital Golden Real Estate Developers Ltd. He is a resident of Labour Colony in Kharvela Nagar area.
In 2012, a school teacher Sukant Kumar Biswal of Badagada area had deposited `13.38 lakh with Behera’s company for purchasing a land on the outskirts of the Capital. A few months after depositing the amount, Behera handed over the sale deed of the property but remained incommunicado later.
Several attempts by Biswal to contact him to facilitate mutation of the land proved futile after which he lodged a complaint with police.
Behera has been booked under Sections 467, 468, 471 and 34 of the IPC and produced before a court which sent him to judicial custody. Police are in search of two associates of Behera who were directors of the firm, sources said.