Cuttack: In a jolt to Golden View Infrastructure Private Limited managing director Premananda Mohapatra, a special chit fund court here Tuesday rejected his bail plea in connection with an alleged fraud to the tune of Rs 4.37 crore.
The court turned down Mohapatra’s bail application after observing that the accused, if granted bail, may interfere with the investigation process.
The Economic Offences Wing (EOW) of the state police had arrested Mohapatra May 9 this year in connection with the multi-crore scam.
It was alleged that Mohapatra’s real estate firm had floated dubious schemes and collected around Rs 4.37 crore from several persons while promising to provide affordable flats in and around the Capital city. However, he neither provided the flats nor returned the deposited amount, prompting a few depositors to approach the EOW.
