BHUBANESWAR: The Economic Offences Wing (EOW) of Odisha Police on Tuesday arrested the managing director (MD) of a real estate company for allegedly embezzling over Rs 15 crore from various investors. Jyoti Ranjan Mishra, managing director of M/s Mishra Creations Pvt Ltd, had reportedly duped at least 127 investors in lieu of giving flats to them in the project ‘Utopia’ at Anlapatna area in Chandaka.
EOW officials said the accused was apprehended based on the complaint filed by one Swadesh Ray Chaudhury on May 1. “The victim alleged that he had booked a flat in the project in 2016 and paid Rs 16 lakh to Mishra in advance. During that time, he had entered into a tripartite agreement with the builder and the bank, and the flat was supposed to be handed over to him within 30 months. However, neither did he receive the flat nor was the amount refunded to him,” the officials said.
During the investigation, it came to the fore that Mishra had fraudulently collected over Rs 15 crore from 127 investors since 2016 for the said project. The company had promised that the projects would be handed over within 30 months of booking.
“However, even after taking almost 95 per cent of the total cost of flats, the company never handed them to its investors even after eight years,” said an EOW official adding, many incriminating documents were also seized from his possession. The accused would be produced before a designated court under the Odisha Protection of Interest of Depositors (OPID) Act, he added.