State

Setback for Tirupati Panigrahi as SC rejects Bail Extension Plea

Bhubaneswar, Dec 18: In a huge jolt to Tirupati Panigrahi, head of Hi-Tech Group, the Supreme Court on Thursday rejected his appeal for extension of bail term in a land scam. Meanwhile, the Odisha Crime Branch has decided to move the apex court against the real estate major and its managing director (MD) to reject his bail petition.

The apex court today refused to extend the deadline of Panigrahi for the refund of Rs 53.5 crore in the land duping case.

Earlier, the apex court had granted a conditional bail to Panigrahi on Feb 21 this year after he deposited Rs 10 crore out of the Rs 63.5 crore as fine ordered by the court. He was asked to deposit the rest of amount within three months. However, he failed to deposit the amount for which his extension of bail plea was rejected today.

The Hi-Tech real estate officials, along with Panigrahi were arrested by the Economic Offences Wing (EoW) of the state Crime Branch on December 25, 2012 for allegedly duping people promising them to provide residential plots after taking money from them in 2009.

The probe revealed that the scam was of more than Rs 315.96 crore. The Group received money from 17,181 investors promising them to provide the residential plots. However, the depositors were duped and about 16,901 people are yet to get the land till date.

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