SC Directed Hi-Tech Group To Refund Depositors Money Within 3 Months

Bhubaneswar, 7 May-2014, Abhijit Saha: The Supreme Court has today directed the real estate firm Hi-Tech Group which is based in Odisha to refund money to its depositors within a maximum period of 3 to 4 months.

SC Directed Hi-Tech Group To Refund Depositors Money Within 3 Months

SC Directed Hi-Tech Group To Refund Depositors Money Within 3 Months

While directing a hearing in the Hi-Tech land fraud case, the apex has court reject the appeal of Hi-Tech group to grant permission for six months to return depositors cash.
Earlier on 21st Feb, the SC had granted conditional bail to Tirupati Panigrahi, the chairman and managing director of the Hi-Tech Group and two other directors of the company Madusudhan Panigrahi and Tirupati Choudhury who are charged of cheating crores of rupees from several investors.
The Economic Offence Wing (EOW) of the state Crime Branch had arrested these three charged on 25th December 2012 for real estate fraud.
Panigrahi and the two other directors were granted conditional bail by the apex court after they deposited Rs 10 crore out of the total of Rs 63.5 Crore asked to deposit by the court.
Now the apex court has asked them to deposit the rest Rs 53.5 Crore within a period of 3 months.