Bhubaneswar,04,January 2019: The Economic Offences Wing (EOW) of the Crime Branch on Friday arrested the managing director of a real estate firm in connection with a fraud to the tune of Rs 5 crore.
Accused Himanshu Sekhar Nayak (43) is the MD of Shreya Infrastructure Services Ltd. He hails from Sunamba Street under Aska police limits in Ganjam district.
A case was registered against Nayak following the complaint of Debodutto Routray of Bhubaneswar regarding cheating and fraud. The investigation made so far revealed that the real estate firm had opened its office in Sahid Nagar in 2014.
The accused MD has executed agreements with the customers to hand over possession of respective flats within three years from the date of the agreement but he failed to do so and misappropriated the collected amount.
When the depositors approached Nayak to get their money refunded, he made a vanishing act closing his office at Bhubaneswar. The accused MD was also involved in other cases too, the EOW said.
Further investigation of the case is underway and the accused was forwarded to OPID Court, Cuttack.
Prasanta Patnaik