Real Estate Scam in Odisha: EOW Arrests Addl Director for Cheating Flat Buyers of ₹15 Cr

Bhubaneswar: The Economic Offence Wing (EOW) of Odisha’s Crime Branch arrested Santosh Kumar Rath, Additional Director of M/s Mishra Creations Pvt. Ltd., for allegedly defrauding flat buyers of Rs 15 crore.

Rath was arrested under Sections 406, 420, 467, 468, 471, and 120-B of the IPC and Section 6 of the OPID Act.

The case dates back to 2016, when Swadesh Ray Chaudhury from Rasulgarh, Bhubaneswar, booked a flat in the ‘UTOPIA’ project at Chandaka. He paid an advance of Rs 16 lakh to the company, but the flat was not delivered within the promised 30 months. Chaudhury filed a complaint with the EOW, and Rath was subsequently arrested.

Rath was responsible for marketing the ‘UTOPIA’ project, and he collected over Rs 15 crore from more than 130 investors. The company had assured the investors that the flats would be handed over within 30 months, but even after 8 years, no flats have been delivered.

The EOW’s actions demonstrate their commitment to investigating and apprehending those involved in fraudulent activities in the real estate sector. This is a positive development for the affected investors, who can now be hopeful that justice will be served.