Joint Director Of Madhusudan Das Regional Academy Of Financial Management And His Wife Arrested For Rs1.89 Crore Fraud

Bhubaneswar: Economic Offences Wing (EOW) of Crime Branch has arrested Biswa Bhusan Biswal,Joint Director, Madhusudan Das Regional Academy of Financial Management, Bhubaneswar and his wife Mahasweta Biswal, Managing Director of M/s B.N. Infra Services Pvt. Ltd in connection with a housing fraud.

Police said that the couple had taken Rs 1.89 crore from Debasis Dagara of Chandrasekharpur promising him five flats. “The accused failed to keep their promise and subsequently Dagara demanded his money back. However the accused also failed to repay the money,” said a police official.

Police said that both the parties later entered into an agreement in which the accused promised to return the money in 2017. “It was also decided that in case of failure Biswa Bhusan Biswal will register his IRC village house in the name of the complainant. However, the accused neither returned the invested amount nor registered the house,” added the police official.

The residential premises of the accused at Saheed Nagar were searched on Tuesday and many incriminating documents were seized. Police have also seized many incriminating documents such as agreement, bounced cheques and post-dated cheques.

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