After Hi-Tech Group MD Tirupati Panigrahi, who has been in the jail since December 2012 in connection with land fraud case, it’s the turn of another high-profile builder Ratikanta Kanungo of the Shibani Estates and Promoters Ltd to land in a scandal. The CBI has arrested Mr. Kanungo and a former Bank Manager for duping the Odisha Gramya Bank of Rs 13.22 crore by giving fake gold ornaments.

Ratikanta Kanungo,  who owns Shibani Estates and Promoters Ltd, Shibani Institute of Technical Education (SITE), Sai Shibani International School (SSIS) and Odia Daily, ‘Ananya’, was also accused of duping many people with false promises of land. However, the latest development has damaged his reputation and credibility forever.

Ratikanta Kanungo colluded with Odisha Gramya Bank’s Dumduma Branch Manager Kalindi Charan Nayak (under suspension) to get the loan of Rs 13.22 crore sanctioned in favour of his five associates. They mortgage fake gold ornaments to avail the loans. Bank’s jewel appraiser Manabhanjan Sahoo was also involved in the scam.

The CBI raided the Acharya Vihar and Shahid Nagar offices of Shibani Estates and Promoters Ltd along with the ‘Ananya’ newspaper office. In addition, raids were conducted at the houses of Ratikanta Kanungo and five loanees. The loan fraud took place between December 2012 and March 2013. The bank had lodged an FIR with the CBI on May 3, 2013.