Cuttack: In a significant development in the Hi-Tech land fraud case in Odisha, the Designated Court, OPID Act, Cuttack has directed the competent authority to distribute Rs 63.55 crore among the duped land buyers.
“The applicant-petitioner-cum-Competent Authority is directed to realise the deposit amount of Rs 63,55,49,227 along with interest accrued thereon lying in the UCO Bank, Collectorate Branch account of this court for equitable distribution among the depositors/investors,” the court said in its order.
Additional District Magistrate, Cuttack is the concerned competent authority.
Tirupati Panigrahi, Director of Hi-Tech Group, had deposited the amount in Supreme Court for getting bail in February, 2014. He was arrested by the Economic Offences Wing (EOW) of Odisha Crime Branch in December, 2012 for allegedly cheating land buyers.