GUWAHATI, Nov 15 - The Bureau of Investigation (Economic) Offences (BIEO) has arrested Milan Saikia, a Guwahati-based builder for fraudulently selling real estate properties to a woman.
Saikia was picked up from Arunachal Pradesh yesterday and placed under arrest.
After being produced before the court, the accused was remanded to three-day custody.
The arrest was made based on an FIR lodged at BIEO by Union Bank of India, Chandmari Regional Office, Guwahati in September. A case was subsequently registered vide BIEO PS Case no 13/19 u/s 120b/406/420 IPC against the Saikia and others.
According to investigators, Saikia has indulged in fraudulent activities and cheated public in the name of selling flats/apartments.
In the case in question, Saikia had sold off a flat at Luis Regency in Hatigaon area to a lady for nearly Rs 80 lakh, which was actually under mortgage with the Union Bank.
The accused had availed a loan of Rs 50 lakh from the bank against the equitable mortgage of the said flat and without paying off the loan, he sold off the flat to the victim lady.
Investigation so far also reveals that the accused Milan Saikia is presently also constructing many flats under the name MS Associates and has collected huge sums of money from the unsuspecting public.