Odisha News Insight

Hi-Tech Group Chairman gets 2 Weeks to deposit Rs 43 Crore

Tirupati PanigrahiControversial Real estate owner and Chairman of Hi-Tech group Tirupati Panigrahi has taken two weeks’ time from the Supreme Court to deposit the pending amount in connection with the alleged Rs 315-crore land fraud.

The apex court had ordered Panigrahi to deposit Rs 63.55 crore with the Supreme Court. According to sources, Panigrahi has already deposited Rs 20 crore and has taken two weeks time to refund another Rs 43 crore.

The apex court had rejected the plea of Tirupati Panigrahi, who had sought six months to repay all pending amount. The Supreme Court in May 2014 ordered Hi-Tech Group chairman Tirupati Panigrahi to return depositors’ money within 3-4 months.

In December 2014, the apex court had turned down the request of Panigrahi to extend his bail period after he failed to deposit Rs 53 crore in time which he was asked by the court to pay up.

The Supreme Court had granted conditional bail to the Hi-Tech Group Chairman in February 2012, who spent 13 months behind the bar for his alleged involvement in land fraud case. While the EOW claimed the fraud to the tunes of Rs 315 crore, the real estate company convinced the Supreme Court that it owes Rs 63.55 crore to the investors. The money collected from the builder, will be disbursed among the duped investors at a later stage under the parameters to be decided by the apex court.

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