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Crime Branch seals Hi-Tech Group’s corporate office at Saheed Nagar

 

ORB May 25, 2013

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Corporate office of Hi-Tech Group at Saheed Nagar in Bhubaneswar

Bhubaneswar: Crime Branch sleuths on Saturday sealed the corporate office of Hi-Tech Group here at Saheed Nagar, nearly five months after the arrest of its disgraced Chairman Tirupati Panigrahi and two other directors of his firm, in cases related to land fraud.

Crime Branch sealed the corporate office in a bid to provide some relief to investors with the new financial law which is expected to get Presidential nod in near future. The law will help authorities to liquidate the assets of such companies following confiscation and pay back the investors’ money to some extent, official sources said.

Crime Branch sleuths had arrested the trio on December 25, 2012 on allegation of land fraud alleged and reported by some of its customers. Following the arrest, thousands of customers came out with similar allegations against the Group on charges of fraud. High Court had rejected the bail plea of the trio on April 4, in five separate cases related to land fraud.

The investigating agency had frozen 147 bank accounts of Hi-Tech Group. “We have received as many as 1400 complaints against Panigrahi for reportedly misappropriation of around Rs 350 crore,” Crime Branch DIG Rajesh Kumar said on Saturday.

Tirupati’s Group owns real estate firms, two private medical colleges and several professional educational institutes all under the umbrella of Hi-Tech Group in different locations of Odisha.

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