A resident of Niladri Vihar had an agreement with Sainath Infotech for a plot for Rs 10 lakh
The real estate company later provided a cheque which eventually bounced
BHUBANESWAR: Commissionerate Police Wednesday arrested two city-based realtors in separate cases of cheating people through ponzi and housing projects. Raids were conducted on their ad later police produced he sub-divisional judicial magistrate court (SJDM) here. Rabindra Senapati, promoter of Sainath Infotech, was arrested from its Chandrasekharpur office. He is accused of duping people re through housing projects, while Hemant Moharana, promoter of Manikeshwari Construction was arrested for duping through ponzi schemes.
Police said Senapati had promised several housing projects at Kateni in Chandaka. He collected over Rs 1 crore through the projects and assured investors he would provide land within a stipulated period. However he failed to do so, police said.
Laxninarayan Das, resident of Niladri Vihar under Chandrasekharpur police limits, had inked an agreement with Sainath Infotech for a plot at Chandaka for Rs l0 lakh eight months ago. However, the company failed to provide possession of the land. It later provided a cheque to Das which bounced. Then Das filed a petition against the company with the SDJM court here. The court directed the police to register a case and arrested the accused. Chandrasekharpur police registered a case in this connection July 1. He was arrested on May 31 in a land fraud case.
Another cheque bounce and fraud case was lodged against him May 29. A raid was conducted and Senapati was
nabbed from his office. Hemant Moharana, promoter of Manikeshwari Constructions Ltd, had established a chit fund and non banking financial company named as Mourya Infrastructure and Properties Pvt Ltd at Acharya Vihar two years ago. He introduced several ponzi schemes and promised to provide double the amount under term, monthly and annual deposits. Complainant, Ashutosh Tripathy had deposited Rs 21akh under a scheme and the company had assured him Rs 17,000 as dividend per month.
As per the agreement, the company paid the money for three months and later failed to pay the dividend or return the principal money. Moharana then dosed the company and opened another company titled Manikeshwari Constructions Ltd at Saheed Nagar. Acting on the complaint, a case was filed and Tripathy was arrested and produced before SDJM here, police said.