Bhubaneswar, March 27 (LocalWire): The economic offence wing of the state crime branch today arrested a person in connection with real estate fraud worth Rs 5 crore.
Police said the company Shree Baladevjiew Infrastructure Pvt Ltd had collected money from 200 customers promising them flats in a housing project near Manguli on the outskirts of Cuttack.
A case was registered in January, based on the complaint filed by Priyabrata Parida, who had booked a flat in the housing project.
The director of the firm Durga Prasanna Mishra, who was arrested last year, had diverted the money to the company of his father Gagan Bihari, whom the EOW arrested today.
‘We investigated and found the son had diverted Rs 2.92 crore to a food and spices processing unit owned by his father. He had also diverted money to other companies owned by Gagan Bihari.’ said an EOW official.