Odisha Sun Times Bureau
Cuttack, Feb 8:

Competent Authority and Cuttack ADM today moved the designated court here for the confiscation of properties worth over Rs 4 crore of Hi-Tech Group.

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The Competent Authority made the application to the designated court under section 4 (3) of the Odisha Protection of Interest of Depositors Act-2011 (OPID Act), reports said.

It may be mentioned here that the state government’s Finance department had on November 30 last year issued an ad interim order for attachment of moveable and immoveable properties of Hi-Tech Group while vesting management of these properties with the Competent Authority.

The properties include Hi-Tech Hospital, Hi-Tech Dental College, the Group’s corporate office at Saheed Nagar and plots of land under different projects of the Group at Sundarpada.

It’s worthwhile to mention that the Economic Offences Wing (EOW) of the Crime Branch had registered five cases against Hi-Tech Group’s Chairman Tirupati Panigrahi and two other directors Tirupati Choudhury and Madhusudan Panigrahi. There were allegations against the Group of having defrauded depositors with a promise to provide them with the land.

Later, the EOW had seized the Group’s corporate office building, medical college, dental college, nursing college, land at other places and bank pass books.

It may be recalled here that the Economic Offences Wing (EOW) of the Crime Branch had registered five cases against Tirupati Panigrahi, Tirupati Choudhury, and Madhusudan Panigrahi, respectively the Managing Director and Directors of Hi-Tech Group of Companies for cheating large number of innocent depositors by making false promises of providing plots under various schemes in and around Bhubaneswar.