Odisha realtor Ratikant Kanungo arrested on fraud charge

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Commionerate police arrested real estate developer Ratikant Kanungo from Saheed Nagar on charges of duping land buyers of more than Rs 20 lakh. Kanungo is CMD of Shibani Estates and Promoters Ltd.

According to sources, Kanungo cheated over 15 people. Despite collecting money from them, he did not provide them land. While a case was registered against him in December last year and another was registered in June, said a police officer.

Police said Kanungo, who used to own an Odia daily and currently runs an engineering, was arrested on same charges by the Saheed Police on August 1, 2013.

Also Read: Hotel Suryansh owner arrested on charges of duping a person of Rs 10 crore

On May 24, 2014, the CBI arrested Kanungo in connection with a multi-crore fake gold loan scam at Odisha Gramya Bank. He along with the former branch manger Kalindi Charan Nayak (Dumduma Branch, Bhubaneswar), allegedly availed Rs 13.22 crore loan by mortgaging fake gold in the bank.

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