Keshari Estates' director held by Bhubaneswar police for swindling Rs five crore from buyers

The agency sleuths carried out searches at Keshari Estates office in Kharavela Nagar and residences of the firm’s officials.
For representational purposes
For representational purposes

BHUBANESWAR: Economic Offences Wing (EOW) of Crime Branch on Tuesday arrested one of the directors of a real estate firm for allegedly cheating over Rs 5 crore from 18 potential buyers.

The agency had registered a case in this regard on August 26 and apprehended director of Keshari Estates Private Limited Akshay Kumar Chaudhury of Forest Park. He was produced before a court in Cuttack on Tuesday. 

The investigation revealed that Keshari Estates had collected booking amount/full payment from potential buyers in 2008 for a project of 30 duplex housing units in Pokhariput without obtaining required approval for the same from the authorities concerned.

However, after receiving the money from the buyers, the firm did not commence any construction work for three years and later abandoned the project citing non-availability of approach road and other allied issues.

In 2013, the firm launched another residential project Keshari Plaza in Jadupur area here and allotted duplex and triplex houses to the buyers, including to those who had made bookings in the Pokhariput project.

"The officials of Keshari Estates had collected over Rs 5.16 crore from 18 buyers between 2008 and 2019 to provide them duplex and triplex houses in Pokhariput and Jadupur areas. But they neither completed the projects nor refunded their money," said an EOW officer.

Sources said that the agency sleuths carried out searches at Keshari Estates office in Kharavela Nagar and residences of the firm’s officials. Several incriminating documents were seized. 

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