Crime Branch Arrests Three In Land Fraud

Bhubaneswar: The Economic Offences Wing of odisha Crime Branch today arrested a former manager of Andhra Bank and two others in connection with land fraud to the tune of Rs 7 crore.
Prafulla Kumar Sarangi, a former Andhra Bank Manager and secretary of Andhra Bank Employees Housing Co-operative Society and Monoj Mohapatra a resident of Naupada in Cuttack and Ambika Prasad Mohanty who hails from Basudevnagar in Bomikhal area are partners of Hindustan Developers, a real estate firm were arrested by the Economic Offences Wing of Crime Branch.
A complaint was lodged with the EOW by Ratikanta Samal of Satabdi Nagar against Sadangi. In his complaint, Samal alleged that accused Sarangi lured him and 160 other investors to deposit Rs 7 crore with Andhra Bank Employees Housing Cooperative Society for purchase of plots at Hindustan Valley Projects of the Society located at Madanpur Mouza.
The investigation revealed that Prafulla Kumar Sadangi had formed the society for the purpose of selling housing plots at a lower price to Andhra Bank Employees. An account was opened in the name of the society at Andhra Bank, Chandrasekharpur Branch and Sadangi was authorised to operate the account.
Being induced by Sadangi, 160 investors had deposited an amount of Rs 7 crores in the account of the Society. After receiving the amount, Sadangi engaged one property dealer namely Hindustan Developers represented by its partners Manoj Kumar Mahapatra and Ambika Prasad Mohanty and directed to provide developed plots to the investors after executing a MoU.
The property dealers executed sale deeds to these investors during the period 2009-11, but failed to give the possession as the land in questions are not having absolute right, title and possession over the property. Thereafter, in spite of repeated requests by the investors the accused persons did not take any step to give possession of these plots with an ulterior motive

The three accused were forwarded to the court of Presiding Officer, Designated Court (Under OPID Act, 2011), Cuttack. Further investigation is on.

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