Hi Tech Group Land Scam: Court directs govt to distribute Rs 63.55 crore among duped depositors

Cuttack: A special court handling chitfund scam cases on Tuesday directed Odisha government to distribute Rs 63.55 crore, deposited in court account as bail guarantee by managing director and promoters of a Bhubaneswar-based firm, equitably among the duped depositors who had invested money in the company’s land scheme.

Presiding officer of the designated court E B Rao, allowing an injunction application of Cuttack ADM-cum- Competent Authority, asked the government to take possession of the deposit amount of Rs 63,55,49,227 along with the interest accrued thereon.

The court, formed under the Odisha Protection of Interest of Depositors (OPID) Act, asked the state government to distribute the same equitably among the identified investors of the land scheme floated by M/s Hi Tech Estates and Promoters Pvt Ltd of Bhubaneswar.

The amount in the court account were those deposits made by the arrested managing director and promoters of the estate farm while they were allowed to go on bail by the Supreme Court.

The apex court in July 2017 had directed that the deposited amount would be distributed among the duped investors as per the provisions of OPID Act.

Subsequently, the state government in an ad interim order in January 2018 had attached the deposits. As per the provisions of the Act, the competent authority had moved the designated court to take possession of the deposits for its distributions among the duped investors.

After examining the witnesses, the court passed the order bringing relief among the investors.