Realtor held for duping investors
More complaints have poured in against Kanungo, who is suspected to have lured investors with the prom¬ise of
Aug 03, 2013
Source : Orissa Post


BHUBANESWAR:  Commissionerate Police Thursday arrested realtor and film producer Ratikant Kanungo on charge of duping investors and collecting lakhs of rupees from them promis­ing land on the city outskirts.

Kanungo, the managing director of Shibani Estates and Promoters Private Limited at Saheed Nagar faces two separate cases of cheating and threatening investors. He was sent to Jharpada special jail after the sub­ divisional judicial magistrate (SDJM)court rejected his bail application.

Police said Kanungo launched hom­ing projects at Sahaspur and on the city outskirts and collected money from in­vestors saying he would provide land to them. Chouduhry Bichitrunanda Praharaj, a resident of Forest Park had paid Rs 9 lakh for a 2400 square feet plot at Sahaspur area.

However, Kanungo failed to give possession of the plot to him. Acting on the com­plaint lodged by Praharaj, a case was lodged and Kanungo was arrested.

Similarly, Kanungo had inked an agreement with an engineer iden­tified as Debasish Panda of  Balasore in 2005 to provide him a plot of land. Panda made several rounds to the office. During one of his visits, an official of the company Radha Mohati Nayak asked Panda to pay Rs 28,000 for registration of the land Even after paying the money, Panda could not get possession of the land.

"More complaints have poured in against Kanungo, who is suspected to have lured investors with the prom­ise of

Providing them land and houses at cheaper rates. Several land docu­ments were seized from his house investigation is on ascertain the exact extent of the fraud," police said.

CBI had arrested Kanungo and  Kalindi Charan Nayak, the suspended manager of Dumduma­ based Orissa Gramya Bank, in connection with the Rs 13.22-crore fake gold loan case May 23. They had allegedly mortgaged gold-coated aluminum and availed loans of R 13.22 crore between December 2012 and March, 2013.

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