Economic Offences Wing arrests one real estate company's MD in Bhubaneswar for cheating investors

Bhubaneshwar (Odisha) [India], May 16 : Economic Offences Wing in Bhubaneswar arrested one Jyoti Ranjan Mishra, Managing Director of real estate company Mishra Creations.
A case has been registered against the person on the basis of an allegation by Swadesh Ray Chaudhury of Bhubaneswar regarding the alleged cheating of him and as well as other 127 investors in the name of giving flats to a project called 'UTOPIA'.
"He booked a flat in the above-said project during the year 2016 and advanced an amount of Rs.16 lakhs to the accused MD Jyoti Ranjan Mishra. He has incurred a bank loan to give the advance and has also entered into a tripartite agreement with the builder and the bank. The flat was to be handed over within 30 months, but till date no flat was given to him and other 127 persons by the real estate company nor he was refunded the invested amount," EOW said in a release.
The release added that the arrested accused Mishra had collected about Rs 15 crores in total from 127 investors from 2016 onwards to provide them with flats in the said project.
"It was promised by the real estate company to hand over the flats within 30 months of booking. The investors were made to enter into a tripartite agreement for financing with the banks. After taking almost 95 per cent of the total cost of the flats, the real estate company did not hand over any single flat to the investors even after the elapse of 8 years and was giving false assurance to deliver the flat from time to time under different pretexts."
EOW said it was also found that the accused has done multiple transactions in respect of a "good number of flats" booked earlier in the name of different investors.
During the investigation many incriminating documents have been seized from the arrested accused, EOW added.