BHUBANESWAR: The Crime Branch (CB) on Wednesday arrested a builder for allegedly raising around Rs 50 crore by floating dubious housing schemes. Managing director of Umamani Home Creations Narayan Chandra Nayak had promised inventors lands, on the outskirts of the city, but reneged on the deal.

Police sources said most of his victims were senior government employees, including some Odisha Administrative Service officers. "We have seized two expensive vehicles from his village at Balikuda in Jagatsinghpur district. He was leading a lavish lifestyle on the money collected from people," said ADG (Crime Branch) B K Sharma.

Sources said Nayak was a former employee of controversial Hi-Tech Group, currently under CB glare for allegedly duping land buyers of crores of rupees. While Hi-Tech Group was targeting gullible middle-class people, Nayak trapped high-end customers. "He mopped up crores of rupees in a short span of time. No one got land from him," another CB officer said.

The company functionaries rubbished the allegations. "We are going through a lean patch due to financial problems. Steps are being taken to return the money taken from people," said a company spokesperson.