EOW arrests fraudster for cheating of Rs 1.16 crores on pretext of providing flats in Bhubaneswar

Bhubaneswar: Economic Offences Wing, Bhubaneswar on Thursday arrested a fraudster for cheating of approximately Rs 1.16 crores on the pretext of providing flats in Bhubaneswar. The fraudster has been identified as Amaresh Chandra Panda.

Panda is a resident of Nuagaon Barabati village under Fategarh police limits in Nayagarh.

Reportedly, a complaint had been filed by one Jyoti Shankar Panda against Amaresh and three others on the allegation of cheating to the tune of Rs. 1,15,82,550/- to the complainant and many others on the pretext of providing flats in their Project “Basera Fresco” at Sijua in Bhubaneswar.

During the investigation, it has been ascertained that complainant Prakash Panda and his brother Subha Shankar Panda had booked a 3-BHK flat in ‘Basera Fresco’, Sijua, a project of Basera Designs (P) Ltd. for Rs 41, 50, 000/- as per the inducement and promise of the Directors and others associated with the company.

An ‘Agreement for Acquisition of Ownership in Apartment’ was executed on April 25, 2016 with the M.D of ‘Basera Designs Pvt Ltd.’, and a flat No.-306 was allotted to the complainant with the condition that the flat would be handed over within June 30, 2017.

A Housing loan of Rs 32, 00, 000/- was availed by the complainant from Allahabad Bank, Old Station Square Branch, for the purpose, and a tripartite agreement between the Bank, Builder, and the complainant was also made in which the present accused was a witness. Following this, the Bank released Rs 18, 50,000/- by the shape of DD which was credited to the Account of “Basera Designs Pvt. Ltd.”

Subsequently, the accused persons including the Builder by entering into a conspiracy neither handed over the Flat to the complainant nor did they return the amount that was received from him. The accused persons also did not renew the approval of BDA which should have been done after 3 years of approval.

The accused persons closed down their office at Palasuni, Bhubaneswar, and absconded. The complainant still continues to repay the loaned amount with interest. They could not be available on their phone numbers and concealed their presence.

It has been learnt that the accused persons include the Directors of “Basera Designs Pvt. Ltd”, the arrested accused and others have also cheated many other investors to the tune of Rs. 1,15,82,550/- on the pretext of selling flats in the ‘Basera Fresco’.

Adding to it, the arrested accused is also the Director of ‘Cottage Design Pvt. Ltd’ and ‘LX Max Developers Pvt. Ltd apart from being the proprietor of ‘Sadangi Traders’. There are many diversion of funds from “Basera Designs Pvt. Ltd” to the A/c of ‘Sadangi Traders’.

Many incriminating documents relating to the fraud and also some forged documents have been seized from the office of the arrested accused. A case was filed against the arrested accused under sections 420/ 406/467/468/471/120- B of Indian Penal Code (IPC) r.w Sec 6 of Odisha Protection of Interests of Depositors (OPID) Act. The arrested accused will be produced before the Designated Court under OPID Act, Cutttack today.