Hi-Tech Group Scam: Return Money To Duped Investors, Court Tells Odisha Govt

Cuttack: An Odisha court has directed the state government to return Rs 63.55 crore, which was deposited by Hi-Tech Group of Companies in the Supreme Court, to the duped investors.

The interim order was passed by the Odisha Protection of Interests of Depositors (OPID) court on Monday.

The court has directed the Additional District Magistrate (ADM), Cuttack to realize the deposited amount along with interest accrued for equitable distribution among the duped investors.

Notably, five cases were registered against the managing director, Tirupati Panigrahy, and directors Tirupati Choudhury and Madhusudan Panigrahy of Hi-Tech Group of Companies in 2012 for misappropriating the amount from various proposed purchaser of plots in five different projects.

They were arrested by the Economic Offences Wing (EOW) of the Crime Branch on December 25, 2012.  During the hearing of their ball petition, the Supreme Court had directed the accused to deposit Rs 63,55,49,227 as condition for granting ball.

After the accused deposited the amount with the Supreme Court Registry, the Odisha government had moved the apex court to attach the amount for equitable distribution among the duped investors.

on July 25, 2017, the apex court had directed the state government to attach the amount. In pursuance of the apex court’s order, the EOW had moved the state government on August 5, 2017, for issuing ad-interim attachment order in respect of the amount.

Accordingly, the state government had issued the ad-interim order for attachment on January 18, 2018.