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Proposal for Hi-Tech properties to be auctioned

Hi-Tech properties

Cuttack: After getting a clean from the government, the Competent Authority along with the Cuttack ADM Raghuram R Aiyer has moved the designated court on Monday for attachment and auction of movable and immovable properties of Hi-Tech Group.

They have submitted the application to the designated court under Section- 4 (3) of the Odisha Protection of Interest of Depositors Act-2011 (OPID Act). It has been appealed through the application that the amount collected from the auction sale to be distributed among the innocent investors with the group.

The Finance department had last year issued an interim order for attachment of moveable and immoveable properties of Hi-Tech Group while vesting management of these properties with the Competent Authority.

Earlier, 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 for allegedly cheating with crores of rupees with a promise to provide them with land.

The EOW has already seized the Group’s corporate office building, medical college, dental college, nursing college, land at other places and bank pass books. In addition, an amount of Rs 1.78 crore was seized from the group’s bank account.

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