Umamani Home Creations (UHC) managing director Narayan Chandra Nayak
BHUBANESWAR: Like chit fund bosses AT Group CMD Pradip Sethi and Seashore Group CMD Prashant Das, the real estate developers Umamani Home Creations (UHC) managing director Narayan Chandra Nayak also maintained a lavish lifestyle by duping investors, who paid money to him to get promised plots of land in the capital city.
This is evident from the detection of a Mercedes-Benz car worth Rs 80 lakh and a Chevrolet car worth around Rs 40 lakh in the possession of Nayak, who was arrested and forwarded to court on Tuesday.
The Economic Offences Wing (EOW) of the Crime Branch seized the luxurious cars on Thursday. Nayak had also arranged fancy numbers for his two cars, Crime Branch officials said.
Before, The Economic Offences Wing (EOW) sleuths had seized an imported Jaguar car worth Rs 1.33 crore from the possession of AT Group CMD Sethi, who is in police custody on remand. Similarly, the sleuths had also seized a BMW car from the Seashore Group CMD, the cost of the vehicle approximately being Rs 50 lakh, Crime Branch officials said.
Notably, the The Economic Offences Wing (EOW) officials had arrested Nayak after conducting a raid on his real estate firm. “Nayak allegedly duped his customers of Rs 50 crore,” said Crime Branch DIG Rajesh Kumar on Wednesday. The EOW officials said that they would take Nayak on police remand for further investigation into the land fraud.