Bhubaneswar: The Economic Offences Wing (EOW) of CID on arrested three persons, including a former Andhra Bank Manager in connection with a real estate fraud to the tune of Rs 7 crore on Wednesday morning.
Former Andhra Bank Manager and Andhra Bank Employees’ Housing Co-operative Society secretary Prafulla Kumar Sarangi and two property dealers – Manoj Mohapatra and Ambika Prasad Mohanty – were forwarded to the Court of Presiding Officer, Designated Court, Cuttack.
Most victims, who were promised housing plot in Madanpur Mouza during 2009-11, are bankers and doctors.
The arrests were made on the case registered on the complaint filed by one of the investors Ratikanta Samal of Bhubaneswar.
According to an EOW communiqué, nearly 160 investors have deposited around Rs 7 crore with the Andhra Bank Employees’ Housing Co-operative Society formed by the Sarangi for purchase of plots by Hindustan Valley Projects of the society located at Madanpur Mouza.
After receiving the amount, Sarangi directed two other accused Manoj and Ambika, both partners of the Hindustan Valley Projects and property dealers to register plots. Though the duo executed sale deeds to the investors during 2009-11, but till today the investors fail to get possession of the plots.