BHUBANESWAR: The Economic Offences Wing (EOW) of Crime Branch (CB) on Sunday arrested a city-based real estate developer for allegedly duping people of Rs 10 crore, promising plots and houses.
A special team of the EOW arrested managing director of Siridi Sai estates private limited Prakash Chandra Panda. The EOW had registered an FIR against him in April last year after Orissa high court (HC) directed it to do so, acting on a writ petition filed by aggrieved persons in 2012.
Panda has set up the head office near Tankapani Road here and four regional offices at Soro (Balasore), Bhadrak, Baripada and Puri. He claimed his projects are coming up in Bhubaneswar, Puri and Cuttack.
"The developer had no required land commensurate with money collected and promises he made to people. When people discovered this, they filed a petition in HC," said the DIG.
The EOW seized two luxury cars worth Rs 30 lakh from Panda's house. "We have booked Panda under sections 420, 471, 467, 468, 406, 120 (b) and 34 of IPC and 6 of Odisha Protection of Interests of Depositors (in Financial Establishments) Act, 2011.