Land Fraud Case: Hi-Tech Group deposits Rs 18 Cr in Supreme Court

Controversial Real Estate owner and Chairman of Hi-Tech Group Tirupati Panigrahi has deposited and additional amount of Rs 18 crore in the Supreme Court today in connection with the land fraud case. He still owes Rs 25.5 crore more, which he has promised to pay in four months after selling off his educational institutions.

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.

Tirupati Panigrahi has so far deposited Rs 38 crore and will pay another Rs 25.5 crore in four months. The land fraud was done by Rajdhani Systems & Estates (P) Ltd, a sister concern of HI-tech Estates & Promoters (P) Ltd. Eminent lawyer and senior Congress leader Kapil Sibal represented Tirupati Panigrahi in the apex court today.