Odisha Sun Times Bureau
Cuttack, Jan 2:

Competent Authority and Cuttack ADM Raghuram R Aiyer today moved the designated court for attachment and auction of moveable and immoveable properties of Hi-Tech Group.

The Competent Authority made the application to the designated court under section 4 (3) of the Odisha Protection of Interest of Depositors Act-2011 (OPID Act), reports said.


It may be mentioned here that the Finance department had last year issued an ad interim order for attachment of moveable and immoveable properties of Hi-Tech Group while vesting management of these properties with the Competent Authority.

It’s worthwhile to mention that the Economic Offences Wing (EOW) of the Crime Branch had registered five cases against Hi-Tech Group’s Chairman Tirupati Panigrahi and two other directors Tirupati Choudhury and Madhusudan Panigrahi. There were allegations against the Group of having defrauded depositors with a promise to provide them with land.

Later, the EOW had seized the Group’s corporate office building, medical college, dental college, nursing college, land at other places and bank pass books.

Notably, the Crime Branch had written to the Finance department seeking to attach seized properties of Hi-Tech Group.