Cuttack168/78/19: A special designated chit fund court here on Tuesday directed Odisha government to disburse Rs 63.55 crore among the investors duped by High-Tech Group.
The court made an interim order and asked the competent authority and Cuttack ADM to release the amount along with interest for equitable distribution among duped investors.
In 2012, five cases were registered against Tirupati Panigrahi, Tirupati Choudhury and Madhusudan Panigrahi, Managing Director and Directors of Hi-Tech Group of Companies for misappropriating the deposited amount of different intending purchaser of plots in their five different projects.
The accused were arrested and forwarded to court on December 25, 2012. During hearing of bail petition Supreme Court had directed the accused persons to deposit Rs 63.55 crore as condition for granting ball. After deposit of the amount before the Registry of Supreme Court by the accused persons, the State Government for the interest of duped investors had moved the Supreme Court to attach the above amount for equitable distribution amongst the duped investors.
Subsequently, the apex court in its July 25, 2017 order had permitted the state to attach the amount. In pursuance of the above order, the Economic Offences Wing (EOW) moved the government on August 5, 2017 for issuing an interim attachment order in respect of above amount so that it can be equitable distributed amongst the duped investor.
Accordingly, the government issued the interim order of attachment on January 18, 2018. The special designated court in Cuttack on Monday made the interim order of attachment absolute and directed competent authority i.e. ADM, Cuttack to release the deposited amount along with interest.