Bhubaneswar: The Economic Offences Wing (EOW) of Odisha Police Saturday arrested Pramod Kumar Sahoo, former director of real estate company M/s Mishra Creations Pvt Ltd, in connection with an alleged cheating and fraud case involving its ‘UTOPIA’ housing project at Chandaka.
Sahoo was arrested in Bhubaneswar under Sections 406, 420, 467, 468, 471 and 120-B of the IPC, read with Section 6 of the Odisha Protection of Interests of Depositors (in Financial Establishments) Act, 2011. He was subsequently produced before the Designated Court under the OPID Act at Kataka.
According to EOW sources, the case was registered on the basis of a written complaint lodged by Swadesh Ray Chaudhury of Rasulgarh, Bhubaneswar, who alleged that he and several other investors had been cheated on the promise of allotting flats in the ‘UTOPIA’ project at Anlapatna, Chandaka.
Chaudhury had booked a flat in the project in 2016 and paid Rs 16 lakh as an advance to the company’s Managing Director, Jyoti Ranjan Mishra. He had availed himself of a bank loan to make the payment and had also entered into a tripartite agreement involving the builder and the bank. The flat was scheduled to be handed over within 30 months.
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However, the company allegedly failed to deliver the flat even after the stipulated period and did not refund the amount invested by him. During the investigation, the EOW found that Sahoo, then a director of M/s Mishra Creations Pvt Ltd, had played an active role in promoting the ‘UTOPIA’ housing project. Investigators said Sahoo, along with co-accused Jyoti Ranjan Mishra, Santosh Kumar Rath and others, approached prospective buyers, showed them the project, facilitated flat bookings and assisted them with housing-loan formalities.
Statements recorded from several purchasers also corroborated Sahoo’s involvement in procuring customers and facilitating payments towards the project, the EOW said. The investigation further revealed that Rs 16.51 lakh was transferred from the company’s bank account to Sahoo’s personal State Bank of India (SBI) account, establishing his financial linkage with the transactions under investigation, according to the agency.
The EOW also seized several incriminating documents from Sahoo during the investigation. Earlier, the company’s MD and Additional Director Santosh Kumar Rath were arrested and forwarded to the Designated OPID Court in connection with the case.
