EOW arrests ex-manager of Andhra Bank, two more for Rs 7 crore fraud

Bhubaneswar: The Criminal Police Department arrested three people on Wednesday, including a former manager of Andhra Bank in relation to 7 rupees of fraud.
Those arrested were Prafulla Kumar Sarangi, a former manager of Andhra Bank and secretary of the Andhra Bank Employees Housing Co-operative Society, as well as Monoj Mohapatra and Ambika Prasad Mohanty.
Mohapatra, a resident of Naupada in Cuttack, and Mohanty, who is from Basudevnagar in the Bomikhal area, are partners in Hindustan Developers, a real estate company.
Ratikanta Samal of Satabdi Nagar filed a complaint against Sadangi at EOW. In his complaint, Samal claimed that Sarangi had accused him and 160 other investors of depositing Rs 7 crore with the Andhra Bank Employees Housing Cooperative Society for the purchase of land from the Society’s Hindustan Valley Projects in Madanpur Mouza.
Upon receipt of the money, Sadangi Manoj appointed Kumar Mahapatra and Ambika Prasad Mohanty, both partners of Hindustan Developers, to register land. Although the real estate dealers concluded sales contracts with the investors in the period 2009-11, they could not extradite the ownership of these properties.
The investigation found that Prafulla Kumar Sadangi had founded the company with the aim of selling residential properties at a lower price to Andhra Bank employees. An account was opened on behalf of the club at Andhra Bank, the Chandrasekharpur Branch, and Sadangi was authorized to hold the account.
160 investors, mainly bank employees, doctors and other professionals, had deposited 7 Rupees in the company’s account at the instigation of Sadangi. Upon receipt of the money, Sadangi appointed a real estate trader, Hindustan Developers, represented by its partners Manoj Kumar Mahapatra and Ambika Prasad Mohanty, and commissioned the investors to provide land developed after completing a MoU.
The real estate traders entered into sales contracts with these investors in the period 2009-11, but they have not surrendered the property because the land in question has no absolute right, ownership and possession over the property. After that, despite repeated requests from investors, the aforementioned defendants did not take a step to take ownership of these properties with another motive, and embezzled their hard-earned money.
The three defendants were transferred to the Court of Designate, Designated Court (after the OPID Act, 2011), Cuttack. Further investigations into this matter are under way.

Sharing is caring!