The district administration here attached the property of the Sai Popular Tower near the FM Circle under the Odisha Protection of Interest of Depositors Act (OPID) on Wednesday.
Builder Chandrakant Ray Samanatasingar had allegedly duped costumers on the promise of providing flats and apartments. He had taken crores of rupees as advance from them. Several deceived persons were neither allotted building nor money, and as such, approached police.
It was alleged that Samanatasingar had taken about Rs 10 crore as advance from 25 people in the name of giving them rooms and flats by 2012.
The fraudulent activities of the builder came to light after an investor, Priyadarshi Das, who had taken two flats for Rs 94 lakh following agreements, complained with the police.
Das while lodged a complaint with the Sahadevkhunta police in April last year, the latter during investigation could learn that the accused committed similar offences in other projects too.
Samanatasingar was arrested after being booked under Sections of cheating, forgery of IPC and OPID Act, police said.
A man of Bhubaneswar, Samanatasingar had grabbed valuable land of nearly 12 decimal from a woman with an agreement that money would be invested by him for construction of flats and against the land her share would be 32 per cent.