Odisha: EWO arrests MD of private firm for cheating of Rs.1.72cr
MD of M/s Basera Designs (P) Ltd. arrested on November 26, 2022 from Bhubaneswar in EOW case for cheating of Rs.1.72cr.
Bhubaneswar: Economic Offences Wing (EOW), Bhubaneswar has arrested accused Manoj Pattnaik, MD of M/s Basera Designs (P) Ltd. on November 26, 2022 from Bhubaneswar in EOW case.
The arrested accused will be produced before the Hon’ble P.O, Designated Court under OPID Act, Cuttack, today i.e. on November 27, 2022.
The above-referred case had been registered on the basis of a complaint filed by Jyoti Shankar Panda against the arrested accused 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, Bhubaneswar.
It has been ascertained during investigation that the complainant Jyoti Sankar Panda and his
brother Subha Shankar Panda booked a 3BHK flat in ‘Basera Fresco’, Sijua, a project of Basera Designs (P) Ltd. for Rs.41,50,000/- as per the inducement/allurement and promise of the present accused being the Managing Director of the company and also by others associated with the company.
Accordingly, an ‘Agreement for Acquisition of Ownership in Apartment’ was executed on April 25, 2016 with the present accused Manoj Pattnaik, M.D of ‘Basera Designs Pvt Ltd.’, and flat No.306 was allotted to the complainant with the condition that the flat would be handed over within 30 June, 2017.
A Housing loan of Rs. 32,00,000/- was sanctioned to the complainant from Allahabad Bank, Old Station Square Branch, for the purpose, and a tripartite agreement between the bank, builder (the present accused) and the complainant. Then, the Bank released Rs.18,50,000/- by shape of DD which was credited to the Account of “Basera Designs Pvt. Ltd.”
Subsequently, the builder (present accused) by entering into a conspiracy with other accused persons neither handed over the flat to the complt. nor did return the amount so received from the complainant 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 after cheating so many investors.
During investigation, the arrested accused being the Managing Director of M/s Basera Designs (P) Ltd. alongwith his wife Suchitra Bisoi, another Director and others in the similar manner has cheated many other gullible investors on the pretext of providing them with flat in their project “Basera Fresco” at Sijua to the tune of Rs.1.72 Cr. approx.
Many of the investors have incurred loan from Allahabad Bank, United Bank and also from other banks by executing acquisition of ownership in apartments/tripartite agreements with the present accused builder and the banks.
After substantial amount of loan were disbursed to the Basera Designs (P) Ltd. on the strength of tripartite agreement, the present accused and his other associates absconded by closing down their office.
Neither they handed over the flats to the investors as per the agreement nor did they return the invested amount. The accused MD of Basera Designs (P) Ltd. and his wife, respectively being the MD and Director of the company have also cheated so many other investors in their different projects like “Basera Brindaban”, “Basera Impression Plus”, “Basera Harmony”, “Basera Angan” etc. Another case vide EOW PS Case No.21/2018 has also been registered against the present accused, his wife and others.
The present accused is also involved in Chandrasekharpur PS Case. Earlier, one accused was arrested in the case and forwarded to the court. Many incriminating documents relating to the fraud including some forged documents have been seized in the case.
Investigation of the case is on.
Ms Kalinga AI