Bhubaneswar: The EOW of the state Crime Branch Tuesday arrested the Managing Director (MD) of a real estate company for allegedly duping land aspirants of around Rs 12 crore.
The accused was identified as Prasanna Kumar Patra,46, Managing Director of Z-Infra Construction Private Limited located at Plot No-3/236 in IRC village under Nayapalli police limits. Patra allegedly collected Rs 12 crore from more than 300 persons between 2010 and 2013 on the pretext of providing them plots on the outskirts of Bhubaneswar. He had promised them housing plots with all amenities at Kansapada near IIT Bhubaneswar under Jatni tehsil.
Patra had not acquired the required land for sale at the time of receiving the amount from the prospective buyers. But he registered lands in the name of some of the investors.