Land Scam: Tirupati Panigrahi needs Time to Refund Money

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Bhubaneswar, March 30: The Hi-Tech group chief Tirupati Panigrahi appealed to the Supreme Court seeking two weeks time to refund Rs 43.35 crore to the investors, duped by the real-estate firm on the promise of getting land in the state capital.

Earlier, Panigrahi had returned Rs 20 crore following the apex court's order.

He is accused of duping the investors on promise of providing residential plots to them in 2009. He collected Rs 315.96 crore deposits from thousands of people, who were not aware of the mischievous intention of the fraud.

Panigrahi was arrested along with his two associates Tirupati Choudhury and Madhusudan Panigrahi by the Economic Offences Wing (EoW) of Odisha crime branch on December 25, 2012 in the land fraud case.

He was given a conditional bail by the apex court last year and was asked to refund Rs 63.55 crore to investors within 3-4 months.




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