Real estate co’s MD dupes home buyers of ₹15 crore, held

Bhubaneswar: The economic offences wing (EOW) of the state crime branch here on Tuesday arrested the managing director of a real estate company for allegedly duping several home buyers of nearly Rs 15 crore.The accused was identified as Jyoti Ranjan Mishra. Mishra was arrested on the basis of a complaint filed by one Swadesh Ray Choudhury recently. Choudhury alleged that Mishra had floated a housing project in Chandaka area on the city’s outskirts in 2016. Choudhury had booked a flat in the project by paying Rs 16 lakh as advance.Though Mishra had assured to hand over the flat in 30 months, he has so far not completed the project. When Choudhury demanded his refund, Mishra allegedly hurled abuses at him.“We have found that the accused collected around Rs 15 crore from 127 investors from 2016 onwards to provide them with flats. After taking almost 95% of the total cost of the flats, the real estate company did not hand over any single flat to the investors,” an EOW official said.