Realtor funded Odia films
He collected the staggering amount from nearly 1,200 people with the false promise of giving them land
Jun 07, 2013
Source : The Times of India



BHUBANESWAR: Builder Narayan Chandra Nayak, arrested by the Crime Branch on Wednesday in connection with fraudulent land deals to the tune of Rs 50 crore, was taken on two-day remand by police.


"Prima facie, he collected the staggering amount from nearly 1,200 people with the false promise of giving them land in and around Bhubaneswar. We have so far received 250 complaints," said ADG (Crime Branch) B K Sharma.


The CB is trying to find out whether Nayak diverted money into other business. Police have the information that he invested huge amounts on two recently released Odia movies. While two of his expensive cars, worth nearly Rs 1.5 crore, have already been seized, efforts are on to seize more property.


In a related development, scores of people on Thursday lodged complaints with the Crime Branch against Sai Shares and Securities Pvt Ltd for allegedly duping them. "The company, having offices in Bhubaneswar and Kolkata, had promised us land on the outskirts of the city, but backtracked," said Sanjeev Hota, a complainant.

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