Hi-Tech boss deposits Rs 13.5 cr in SC; saves bail

Bhubaneswar: Hi-Tech Group Chairman Tirupati Panigrahi, who was arrested by Crime Branch on charges of land fraud in 2012, today deposited the last tranche of Rs 13.5 crore out of Rs 63.5 crore the Supreme Court had asked him to deposit with the SC treasury to avoid possible rejection of his conditional bail.

With this deposit, his bail will remain intact. The amount will be refunded to the duped land buyers.

On March 18, the apex court had asked Panigrahi to deposit the amount within four weeks, failing which it had threatened to cancel his conditional bail.

On February 21, 2014, the Supreme Court had granted conditional bail to Panigrahi and had asked him to deposit Rs 63.5 crore, which will be refunded to the duped land buyers. Panigrahi had earlier deposited Rs 50 crore in four installments.

Talking to OTV over phone, Panigrahi said he would not go beyond the law. “I have great respect for the legal system of the country. Law will take its own course”, he added.

Notably, the Economic Offences Wing (EoW) of the State Crime Branch had arrested Tirupati on December 25, 2012 for duping around 17,000 people to the tune of over Rs 315 crore on the promise of providing them residential plots.