Bhubnaeswar: The economic offences wing (EoW) of state police's crime branch on Wednesday arrested a realtor for allegedly duping investors on the pretext of providing apartments to customers in Jatni on the outskirts of the state capital.

Jagatjiban Nayak, managing director of Odisha Homes Pvt. Ltd, was arrested for allegedly duping his customers of Rs 5 crore. Nayak had collected the money from 115 customers between 2011 and 2014.

Police said the company began operations from 2008 and had its registered office at IRC Village in Nayapalli.

"The company started collecting money to provide apartments in the Anand Homes project in Kuha mauza under Jatni tehsil," said an EoW sleuth.

"However, the company neither provided the investors with lands nor returned their money. A case was registered against Nayak on Tuesday on the basis of a complaint filed by Asish Pattaniak, a duped customer," the officer added.

According to an investor: "I had booked an apartment in 2011 and paid Rs 15 lakh in several phases. However, the firm continued to delay handing over the flat."

"After five years, I decided to ask for my money to be returned, but they refused to do so. They have been promising us of handing over the apartments for more than six years," he said.

The police said the 50-year-old Nayak graduated in automobile engineering from Chennai and was working with a private company before starting his real-estate company in 2008.

Nayapalli police had registered a case of cheating against him and other officer bearers in August 2014. An officer from Nayapalli police station said Nayak was then on the run.

Later, he managed to get an anticipatory bail from Orissa High Court.

Last November, a number of buyers allegedly duped by the firm had staged a demonstration outside Nayak's residence at Sailashree Vihar.

They also alleged that Nayak's office bearers and security guards attacked them when they tried to approach him at his Nayapalli office in August 2014.

EoW sleuths said further investigation was ongoing in the case to find out whether Nayak had diverted the money he had collected to other businesses.

"We are also trying to find out the complicity of other office bearers," said an EoW sleuth.