By Biswanath Dash
BHUBANESWAR: Economic Offences Wing, Bhubaneswar arrested accused Jyoti Ranjan Mishra,Managing Directors of M/s Mishra Creations Pvt Ltd a Real Estate company, on Tuesday from Bhubaneswar in EOW PS Case No.17 dated 01.05.2023u/s 406/420/467/468/471/120-B IPC r.w. Sec. 6 of OPID Act, 2011.
The arrested accused is going to be produced before the Designated Court under OPID Act, Cuttack. The above referred case has been registered on the basis of the writtenallegation of Swadesh Ray Chaudhury of Rasulgarh, Bhubaneswar regarding the cheatingto him and as well as other investors in the name of giving flats in the project ‘UTOPIA’at Chandaka of M/s Mishra Creations Pvt. Ltd. He has booked a flat in the above said project during the year 2016 and advanced an amount of Rs.16 lakhs to the accused MDJyoti 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 by the real estate company nor he was refunded the invested amount. The arrested accused Jyoti Ranjan Mishra, MD of M/s Mishra Creations Pvt Ltd has collected amount to the tune of Rs.15 Crores from 127 investors from 2016onwards to provide them with flats in the project ‘UTOPIA’ at Anlapatna, Chandaka.
It was promised by the real estate company to hand over the flats within 30 months ofbooking. The investors were made to enter into a tripartite agreement for financing with the banks. 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 even after the elapse of 8years and was giving false assurance to deliver the flat from time to time under different pretexts. It was also found that, the accused MD has done multiple transactions in respect of a good number of flats booked earlier in the name of different investors. During investigation so many incriminating documents have been seized from the arrested accused. Investigation of the case is continuing.
