Sai investors urge CM to intervene in Real Estate fraud case

Police have conducted raids at the office of two companies here who were allegedly collecting money from people in rural areas on the promise of trebling it within six years.
However, police could not find managers or proprietors of the two companies -- Sai Prasad Food and Sai Prasad Properties during the raid yesterday. No one could provide information regarding the accused.
Computers found at the offices had been sealed. Besides, police have written to concerned banks to seal their accounts.
It was informed that the directors of the companies are from Pune. Recently, the companies had opened branches at several places in Madhya Pradesh. Their premises were raided following information that they had collected crores of rupees from nearby districts. Company agents used to visit people in rural areas and collect money on the promise of trebling the amount in six years. These agents used to get 20 per cent of the amount as commission.

Sai investors urge CM to intervene in Real Estate fraud case

BHUBANESWAR: Demanding a high level inquiry into the Real Estate fraud case by Sai Pragati Assets and Properties (SPAP) and S Virgin Worldwide Concept Pvt Ltd, the investors of the companies staged a dharna at Lower PMG here on Thursday and later in their memorandum to the Chief Minister urged him to intervene into the matter.

Hundreds of Sai Pragati investors flaunting placards bearing slogans against the company came out with a procession from Master Canteen to Lower PMG demanding fulfillment of their six-point charter of demands and proper action against the cheaters.   

In their memorandum, the investors said the company having its office at Bapuji Nagar in the city was run by its Managing Director Debasish Mohanty, Associate Directors Nirmal Prasad Padhy, Ashwin Kumar Das, Surath Kumar Sahoo and Kamalakant Patnaik are involved in the cheating of Rs 600 crore from its investors. More than 85,000 investors were affected due to the fraud, they alleged. Even the Lord Jagannath temple properties have seen sold to their customers by above said cheaters, the investors added.

They alleged that the company has not paid the promised amount to any investors from last October. Moreover, the office was closed on December 23 last year, they said. Regarding this matter, the investors had lodged an FIR in the Capital police station on December 23 last year. But the police are not taking serious action in the matter, they alleged.

The investors publicly demanded the arrested Sai Pragati Company CMD Debashish Mohanty should not be given bail, the police should arrest the other associates of Mohanty, the State Government should order a high level probe into the case and confiscate the properties of the alleged company managers and return of investors’ money immediately.

Among others, investors including Abhimanyu Nayak, Aniruddh Mahapatra, Prasant Kumar Routray and others were leading the rally.