Real estate developer held for Rs 10L land fraud
Dec 19, 2015
Source : Toi
Bhubaneswar: Police on Friday arrested real estate developer Ratikant Kanungo from Saheed Nagar here on charges of duping land buyers of more than 10 lakh. Kanungo is CMD of Shibani Estates and Promoters Ltd.

"He cheated over 15 people. Despite collecting money from them, he did not provide them land. While a case was registered against him in December last year, another was registered in June," said a police officer.

Police said Kanungo, who used to own an Odia daily and currently runs an engineering college, was arrested on same charges by the Saheed Nagar police on August 1, 2013. Some people had then lodged complaints, accusing him of duping them of 12 lakh. They recently staged demonstration in front of Kanungos office.

On May 24, 2013, the CBI arrested Kanungo in connection with a multi-crore fake gold loan scam at Odisha Gramya Bank here. He along with the former branch manager of the bank's Dumduma branch, Kalindi Charan Nayak, allegedly availed 13.22 crore loan by mortgaging fake gold in the bank.


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