India News | BoI Issues Lookout Circular Against Director of Real Estate Firm

India News | BoI Issues Lookout Circular Against Director of Real Estate Firm

Roger Pettingell Sarasota Real Estate

Bhubaneswar, Sept 23 (PTI) The Bureau of Immigration has issued a look out circular against the director of a real estate company accused of cheating about Rs 20 crore from 42 people by assuring them of dispute-free flats.

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The immigration bureau issued the circular based on a request of the Economic Offence Wingh (EOW) of Odisha police.

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The accused Manoj Kumar Panda is the director of Odyssa Homes and Commercials Private Limited. He has been absconding since a criminal case was filed against him, police said Friday.

The case was registered on the basis of the written complaint by an employee of a leading IT company that Panda had cheated him and many others.

A look out circular is generally issued to alert immigration check posts at airports/seaports to alert law enforcement agencies if a wanted person tries to leave the country or arrive in the country from abroad.

During investigation it was found that directors of the company had collected around Rs 20 crore from 42 investors between 2013 and 2016 to provide them flats at their project by 2018. Necessary agreements were also executed for it.

But no flat has been allotted to the investors. The directors of the real estate firm instead knowingly lingered the process of handover of the flats and have even reallotted seven of them to other investors, the EOW said in a release.

The investigating agency also found during investigation that the company directors had cheated many other investors in their different projects and had deliberately made multiple transactions of flats against which they had already received substantial amounts.

The manging director of the real estate company Arabindo Santra has already been arrested and is in judicial custody. Panda and another director Saroj Panda are absconding.

The EOW has announced reward for information leading to the arrest of the two absconding men, the agency said.

(This is an unedited and auto-generated story from Syndicated News feed, LatestLY Staff may not have modified or edited the content body)


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