Bhubaneswar,  Look out circular has been issued against real estate developer Manoj Kumar Panda for allegedly cheating Rs 20 crore from 42 investors, a police official said here on Friday.

Following the request of the Economic Offence Wing (EOW) of Odisha crime branch, the Bureau of Immigration (BoI) issued the circular against Panda, who is the director of Odyssa Home & Commercials Pvt. Ltd.

The EOW Bhubaneswar has registered a case against the builder as he has allegedly cheated the investors to the tune of Rs 20 crore on the pretext of providing them dispute-free flats in its apartment project namely, 'Ganapati Homes' located near Kalinga Studio in Bhubaneswar, the official said.

During investigation, the EOW officials found that the directors of the accused real estate company had collected around Rs 20 crore from 42 investors during the period from 2013 to 2016 with a promise to provide them flats by 2018.

Necessary agreement and MoUs were also executed to that effect. However, till now, no flat has been allotted to any of the investors. On the other hand, they have also resold seven flats in the under-construction apartment to other customers, they said.

The EOW said that directors have also cheated many other investors in their different projects, and with criminal intention have deliberately made multiple transactions of the flats against which they have already received substantial amounts. Several criminal cases have been registered against them at different police stations.

The present accused Manoj Kumar Panda was heading all affairs of the company while Arabindo Santra, MD of the company has already been arrested and is still in judicial custody. The other director Saroj Panda was absconding.

The economic offence wing has issued mobile number 8895301539 for the public to provide credible information leading to the arrest of the accused. The personal details of the informer will be kept secret and he/she will be suitably rewarded, said the police.