Home ODISHA LATEST Refund money to depositors within 3-4 months, SC asks HiTech group

Refund money to depositors within 3-4 months, SC asks HiTech group

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Odisha Sun Times Bureau
Bhubaneswar, May 7:

The Supreme Court today directed the Odisha-based real estate firm Hi-Tech Group to refund money to its depositors within a maximum period of 3 to 4 months.supreme court

While conducting a hearing in the Hi-Tech land fraud case, the apex court turned down Hi-Tech’s appeal to allow it six months’ time to return money to the depositors.

Earlier, the Supreme Court on February 21 had granted conditional bail to the chairman and managing director of the Hi-Tech Group Tirupati Panigrahi and two other directors of the company Tirupati Choudhury and Madusudhan Panigrahi who are accused of duping hundreds of depositors of crores of rupees.

Panigrahi along with two other accused were arrested by the Economic Offence Wing (EOW) of the state Crime Branch for real estate fraud on December 25, 2012.

The apex court had granted conditional bail to Panigrahi and the two other directors after they deposited Rs 10 crore out of the Rs 63.5 crore he was asked to deposit by the court.

The court had then asked them to deposit the rest amount within three months

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