BHUBANESWAR:The Economic Offences Wing (EOW) of the Crime Branch on Wednesday arrested a 57-year-old realtor who had fraudulently collected `8 lakh from depositors promising them hefty returns.
The accused, identified as Laxman Panigrahi, is a resident of Chaudhary Sahi in Ganjam district. He is one of the directors of Land India Real Estate, a company which has its office here at Nayapalli. Panigrahi was operating his business in Polasara and several other places in Ganjam.
According to EOW sources, the firm had floated a number of ponzi schemes assuring its depositors of windfall gains.
The firm paid high interests to investors initially but stopped its business in July, 2013. The firm’s directors had been untraceable since then.
Two directors of the company, Brajasundar Mishra and Nrusingha Nath Nanda, were arrested earlier.
Panigrahi was arrested under several Sections of the IPC and Prize Chits and Money Circulation Schemes (Banning) Act and produced in a court.