Bhubaneswar: Officials of the economic offences wing has arrested one builder for allegedly duping homebuyers and the bank to an amount of Rs 4.33 crore.

The builder, Premananda Mahapatra, 55, managing director of M/s Golden View Infrastructure Pvt Ltd, was arrested from his house on Tuesday night and produced in court on Wednesday.

Mahapatra, a resident of Pandav Nagar, was arrested based on a complaint made by one of the homebuyers, Prashant Rath.

Sources said that in September 2014, the Canara Bank branch at Cuttack Road in Bhubaneswar had sanctioned housing loan in favour of 35 intending purchasers of flat for construction of apartment namely Golden Avenue at Tomando on the city outskirts.

In this regard, a triplicate agreement was executed among the individual loanee, Canara Bank and M/s Golden View Infrastructure Pvt Ltd, represented by Mahapatra.

"The first instalment of the loan of beneficiaries amount to Rs 4.33 crore was credited to the account of the accused builder who, in turn, withdrew the same and misappropriated without any construction," said an official.

"We had registered the case in March and got the information about his presence in the city. So, we raided his house and arrested him on Tuesday night," he said.