Bhubaneswar: In more trouble for the Hi-Tech Group of Companies, the state finance department Wednesday issued an ad-interim attachment order in respect to all its properties and bank accounts. The order is based on the recommendations of economic offence wing (EOW).
“The attached properties include four buildings. The corporate office of M/S Hi-Tech Estates & Promoters Private Limited in Bhubaneswar, land in different projects of the company and Hi-Tech Medical College here which is to the extent of more than 146 acres and 53 bank accounts with deposit of over `1 crore have been attached. It is estimated that current market value of the aforesaid attached properties will run into a few crores,” EOW officials said.
EOW had registered five cases against the directors and managing directors of Hi-Tech – Tirupati Panigrahi, Tirupati Choudhury, and Madhusudan Panigrahi for cheating several investors on the pretext of providing them plots under various schemes in and around Bhubaneswar.
The three Hi-Tech officials were arrested in December, 2012. They were languishing in a jail till February 2014 when they managed to secure bail from the Supreme Court.
“The arrested officials had deposited more than `63 crore in the registry of the apex court as guarantee for their bails. The apex court had then transferred the amount to the designated court in Cuttack constituted under the Orissa Protection of the Interests of the Depositors Act, 2011,” EOW officials said.
“With the attachment of properties of Hi-Tech and availability of over `63 crore, proceedings shall commence shortly for making the ad-interim attachment order absolute and for proportionate distribution of money to the duped depositors under the designated court’s orders,” they added.
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