Bhubaneswar: The Odisha Economic Offences Wing (EOW) has arrested a former director of a real estate company in connection with an alleged housing fraud involving crores of money.The accused, Pramod Kumar Sahu, former director of Mishra Creations Pvt. Ltd., was arrested for allegedly cheating investors by promising them flats under the company’s UTOPIA housing project in Bhubaneswar.According to the EOW investigation, several investors allegedly paid substantial amounts to the company after being assured of flats, but neither received the promised properties nor got their money back.The case came to light following a complaint filed by Swadesh Ray Choudhury of Rasulgarh. In 2016, Choudhury had booked a flat at the UTOPIA project located at Analapatna in Chandaka. He reportedly paid ₹16 lakh in advance after taking a bank loan to finance the purchase.As per the agreement, the flat was supposed to be handed over within 30 months. However, the deadline passed without the flat being delivered, while the money paid by the investor was also allegedly not refunded.The EOW subsequently found evidence suggesting that several other investors may have faced a similar situation.During the investigation, the agency allegedly found that Sahu had played an active role in promoting the UTOPIA project, showing the property to prospective customers, facilitating flat bookings and assisting with housing loan procedures.Investigators also found that ₹16.51 lakh was transferred from a company account to Sahu’s personal State Bank of India (SBI) account. The transaction, along with other evidence gathered during the investigation, has been cited by the agency while examining his alleged involvement in the fraud.Following his arrest, the EOW also seized several documents allegedly linked to the case.Sahu is the latest accused to be arrested in the case. Earlier, Mishra Creations Managing Director Jyoti Ranjan Mishra and Additional Director Santosh Kumar Rath had also been arrested in connection with the alleged fraud.The EOW is continuing its investigation to determine the full extent of the alleged financial irregularities, identify the number of investors who may have been affected and ascertain whether other individuals were involved in the alleged fraud.The investigation is ongoing, and the allegations against the accused remain subject to the legal process.
Former Real Estate Company Director Arrested in Housing Fraud Case
