New Delhi: The Supreme Court (SC) on Saturday rejected the bail plea of Hi-Tech Group chairman Tirupati Panigrahi and two directors of the company for the seventh time.
Panigrahi's bail plea got rejected in the apex court as he could not deposit Rs 10 crore within a week as per the direction of the court. He was also asked to deposit remaining Rs 50 crore within three months.
It may be mentioned that in October 2013, while hearing his bail application the SC has ordered him to return the land to the people from whom the company had taken advance money, before applying for bail.
The State Crime Branch on December 25, 2012, arrested Panigrahi and his directors, Tirupati Choudhury and Madhusudan Panigrahi, on charges of duping hundreds of land buyers worth crores of rupees by floating dubious land and housing schemes in the city and on its outskirts. Five cases were registered against Tirupati Panigrahi.