CB seeks attachment of builder's assets
EOW arrested the builder, Prakash Chandra Panda, managing director of Siridi Sai Estate Private Limited in February 2014
May 08, 2015
Source : The Times of India


BHUBANESWAR: The Economic Offences Wing (EOW) of Crime Branch has moved finance department, seeking attachment of property of a city-based real estate developer, accused of duping land buyers of more than Rs 10 crore.

On February 15, 2014, EOW arrested the builder, Prakash Chandra Panda, managing director of Siridi Sai Estate Private Limited. He is still behind bars.

"We have proposed attachment of his 1.1 acre at Kalarahanga in the city and two luxurious SUVs. Cost of the assets would be not less than Rs 8 crore," said an EOW officer.

The EOW registered a cheating case against Panda on April 12, 2013, following complaints that he cheated people. "He collected crores of rupees from more than 100 people, promising them land at cheaper price in the city. But he reneged on his word. During investigation we found he did not have adequate land to give to investors," the officer said.

On February 4 this year, the EOW proposed the finance department to attach assets of two other real estate companies, Gajanan Property Dealer and Construction Private Limited and Ascend Creations Private Limited. Both allegedly duped land buyers of more than Rs 5 crore.

Land-related crimes continue unabated in the capital as commissionerate of police and EOW together arrested 20 people in this connection in past eight months. In 2013, two murders were reported here following land disputes.

The government has no mechanism to regulate functioning of the builders, EOW sources said. Though the commissionerate of police five years ago announced to open a dedicated cell to exclusively redress grievances, relating to land dispute, it is still a non-starter.

In many cases, role of police came under scanner as complainants were scared away from police stations. "At times police ask us to file case in court, which is a prolonged process. Sometimes police said they are overburdened with other cases and have no time to deal with land disputes," said Kailas Chandra Mohanty, a duped land buyer.

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