Odisha Crime Branch Arrests Director of Real Estate Firm for Rs 9 Cr Misappropriation

Bhubaneswar: The Odisha Crime Branch’s Economic Offences Wing (EOW) has apprehended Saroj Kumar Panda, one of the directors of M/s Odyssa Homes & Commercials Pvt. Ltd., on charges of misappropriating Rs 9 crore. The arrest was made in Jeypore, Koraput, and a case has been registered against Panda under Sections 420, 467, 468, 471, 120-B of the Indian Penal Code (IPC), and Section 6 of the Odisha Protection of Interests of Depositors (OPID) Act.

Previously, a complaint filed by Kalyan Mishra of IRC Village, Bhubaneswar led to the registration of a case against the directors of the firm. The case revolves around the misappropriation of a significant amount of money by the real estate company, which promised commercial units in the Ashok Nagar area of Bhubaneswar.

According to the EOW, the agreement and power of attorney were signed between five landowners and ‘Maa Basudha Homes’ in 2012 for the development and construction of a commercial complex on a sharing basis. Later, Maa Basudha Homes entered into a collaboration agreement with M/s Odyssa Homes & Commercials Pvt. Ltd., including Saroj Kumar Panda, to carry out the development, construction, marketing, and sale of commercial units, excluding the landowners’ share.

Between 2013 and 2020, M/s Odyssa Homes & Commercials Pvt. Ltd., represented by its directors, accepted deposits amounting to approximately Rs 9 crores from various prospective buyers for the sale of 129 commercial units in the ‘Basudha Homes Project.’ However, the company failed to deliver the units or refund the booking amounts. The investigation also revealed multiple transactions related to most of the commercial units. Furthermore, the company constructed a third floor in the complex without obtaining approval from the Bhubaneswar Development Authority (BDA) and accepted booking amounts for units on that floor. The company also deceived the five landowners by not providing them with their share of commercial units and instead accepted booking amounts for those units as well.

As part of the investigation, the EOW seized several incriminating documents related to the Basudha Homes Project.