Woman realtor arrestedFor fraud
The Economic Offences Wing (EoW) of crime branch on Thursday arrested a woman in connection with an alleged case of fraud.
- Published 9.03.18
Bhubaneswar: The Economic Offences Wing (EoW) of crime branch on Thursday arrested a woman in connection with an alleged case of fraud.
Tapaswini Panda, director of Shiridi Sai Estates Private Ltd, was held on charges of duping investors of Rs 5 crore.
Police said Panda's husband, Prakash Chandra, had floated the real estate company with its head office here. The firm had also set up a number of branches across the state, including Soro, Bhadrak, Baripada and Chandanpur.
"Prakash had collected around Rs 5 crore on the promise of providing plots and flats on easy instalments in seven projects at Basuaghai, Kalarahanga, Patia, Pahala and Tankapani Road in Bhubaneswar. The accused had publicised the projects and issued brochures inviting investors to purchase the plots, though the company did not have the required land," said an EoW sleuth.
In February 2014, the investigating agency arrested Parkash, who was the firm's managing director.
"In course of the investigation, we found that his wife was also involved in the firm as a director and played an active role in promoting it," said the sleuth. "We are further investigating to trace the money trail."
In November 2016, the designated court in Cuttack convicted Prakash and sentenced him to five years of jail.
He was the first to be convicted under the Odisha Protection of Interests of Depositors Act, 2011. It was enacted to protect small investors and homebuyers.
The police said the real estate company had collected the money through agents in instalments on the promise of providing land on the outskirts of Bhubaneswar and doubling the money invested.