Home ODISHA LATEST SC rejects bail plea of Hi Tech group head yet again

SC rejects bail plea of Hi Tech group head yet again


OST Bureau

Bhubaneswar, Feb 8:

The Supreme Court has again rejected the bail applications of Tirupati Panigrahi, group chairman of the Hi-Tech group, and two of his associates in the land fraud case.

Tirupati Panigrahi
Tirupati Panigrahi

The apex court on Friday rejected Tirupati Panigrahi’s bail plea as Panigrahi failed to deposit the full amount of Rs 10 crore as directed by the Court  while hearing his bail plea on January 27.

The Court has fixed March 31 as the next date for hearing.

It may be recalled her that while rejecting Panigrahi’s bail petition on January 27 , the Supreme Court  had asked him to deposit Rs 10 crore within a week and the remaining Rs 50 crore within three months. But Panigrahi had deposited only Rs 5 crore with the Court.

While rejecting Panigrahi’s bail plea on October 21 last year, the apex court had asked him to return the land to the people from whom the company had taken advance money before applying for bail.

Panigrahi, along with his two relatives, was arrested by the Economic Offences Wing (EoW) of the state Crime Branch on December 25, 2012 for allegedly reneging on the promise of providing residential plots to people after taking money from them in 2009.

The probe by the EOW of the State Crime Branch had revealed that the Hi-tech Group owed more than Rs 315.96 crore to the investors.

The Group received money from 17,181 investors with promise of providing them with residential plots of which about 16,901 investors are yet to get the land till date.

The EOW, so far, has registered at least five cases against the Hi-Tech Group.

Panigrahi owns real estate firms, two private medical colleges and several professional educational institutes, under the business conglomerate Hi-Tech Group, in different places of Odisha.